The Task at Hand
Designing a plan to improve employees’ chance at a secure retirement
Preparing your employees for retirement is not just a pater- nal gesture—but it makes good business sense. Not that plan sponsors or employers want to push out their most
experienced workers, but it is in a company’s best interest to have
employees financially prepared when they are ready to retire.
The Aging Workforce
There are a number of issues surrounding productivity, efficiency and benefit costs that employers will be dealing with for
years as the retirement tsunami continues, with approximately
10,000 Baby Boomers turning age 65 per day, observes Michael
J. DiCenso, national practice leader at Gallagher Retirement
Services and president of GBS Consulting.
If employees are financially unable to retire, they must delay
taking that step and continue to work; many plan to work for the
rest of their lives. Forty percent of Americans are concerned they
will have to work during retirement to pay for living expenses,
and 38% are concerned that they will outlive their retirement
savings, according to Scottrade Inc.’s 2012 American Retirement
Study. One-quarter of Americans surveyed by COUNTRY
Financial must delay their retirement by three years or more,
and a majority (55%) expect to take a part-time job during retire-
ment to augment their savings.