Once a person enters retirement, the number of scenarios proliferate. Unless the plan sponsor is a financial professional, itâs going to be a challenge to quickly comprehend all these options.
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This isnât to say younger employees should be left out of this type of education altogether. They shouldnât. Itâs important the message is drip, drip, dripped from the beginning of the onboarding sequence.
The mistaken promise of participation may have an all-too-familiar ring to corporate retirement plan veterans.
Perhaps, just as plan sponsors have developed onboarding programs for new hires when it comes to saving for retirement, maybe they should add âunboardingâ programs as a bookend for those nearing retirement.
The real prize, though, comes courtesy of following Ben Franklinâs advice. Once you convince them to save and they see the perpetual motion machine known as âcompounding,â your job is done.
If retirees could go back in time 50 years, this is what they’d want to know.
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