How can you help those who reach retirement make smart decisions about how to use their assets to fund the rest of their lives? Employers are ideally situated to make a difference for their exiting retirees.
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Discussing retirement payout options with Amy Reynolds, U.S. Defined Contribution Leader at Mercer, took an interesting turn—back into high school. Providing financial education in the formative years is something society in general could do to improve retirement outcomes, Reynolds believes.
But the problem for today’s retirees (and those who will reach that point soon) is more immediate. They likely did not have the opportunity for a meaningful financial education in their school years and need help now in their efforts to save more and invest well.
The good news is that plan sponsors and financial experts have stepped up. Much information is available from a variety of easily accessed sources. By and large, employees can review websites from plan providers and others, obtain financial advice, attend live sessions like “lunch and learns,” and access financial assistance.