Planning for retirement is an important part of financial planning, and the traditional 401(k) is the most popular retirement plan for employees. This qualified retirement plan that lets employees save for retirement by putting money into an account before taxes are taken out. Employers can also choose to match the contributions their workers make. But…
Did you know that it’s easier to keep employees longer when they feel like they’re getting help navigating their finances. It’s true. When your team has access to financial tools, retention rates go up. But if employers fail to act, they’re more likely to look for a new job. Increased Turnover Costs Turnover costs cost…
When employees aren’t ready for retirement, it can affect your business. Employees who aren’t ready for retirement have increased healthcare costs and salaries. It’s time to take a better look at your retirement plan if you want to help employees prepare for the future. Other Debts Come First Employees struggle to save for a variety…
A recent MetLife survey asked employees about their top sources of financial stress. It found that employees have very different short and long-term financial stressors. Slow wage growth and rising living costs are often the root causes of this stress. Employers focus on helping both short and long-term stressors when creating benefits plans. Long Term…
Almost 79% of employees have access to a 401(k). But adoption rates are often very different depending on the industry. Only 32% of Americansare saving into a 401(k) for retirement. Unfortunately, employers are losing money by not providing the right perks. By better understanding why some employees aren’t enrolling in retirement plans, businesses can better…