Getting from “Someday” to “Today” — Encouraging Younger Employees to Save for Retirement
<p>Long-term goal setting is tough for anyone but that’s especially true for the youngest employees in our organizations. Reports vary on average savings rates for young employees — from 7% to 14% depending on your source — but the bigger picture is clear: by and large, Americans aren’t on track to have sufficient savings when it’s time to retire. Those who are best positioned to right their ships are our youngest employees — since they can benefit most from good old compound interest.</p>
<p>So what can we do to encourage more of our young workers to participate in their 401(k)s? There are some key elements of the plan design — company match, speedy vesting, automatic enrollment, and enrollment incentives — that can help. But it is equally important to create a company culture that is focused on financial wellness. And communications play a large role in that.</p>
<p><a href="https://medium.com/@OKeefeGroup/getting-from-someday-to-today-encouraging-younger-employees-to-save-for-retirement-4a5a77146873"><strong>Read More</strong></a></p>