Help Improve Employees Retirement Outcomes
Why now may be the time to consider reenrollment
People are living longer, and spending longer in retirement, but many aren’t prepared for retirement. In a survey conducted by Survey of Consumer Finances (SCF), in 2022 almost half of American households had no savings in retirement accounts.
For the U.S. workers who are saving for retirement, creating more ways for them to save is critical in helping to close the “retirement readiness gap,” the amount between what households have saved and what they might need to finance longer lives. Defined contribution plans play an important role in helping to close that gap for millions of people, including some of the employees in your plan.
Your employees want to retire on their own terms. The combination of age-appropriate investment choices and added savings – not just one or the other – is one of the keys to improving their potential to meet their retirement aspirations. You may wish to consider reenrollment as a way to help guide your employees toward these objectives.
Additionally, reenrollment can be a useful tool that can help you bring your best thinking and recommendations to the broadest number of employees. By creating a new baseline for savings and diversification, it can help you more efficiently manage a diverse workforce into retirement.
You’ve no doubt heard about the trend toward reenrollment, and you’ve likely thought about pursuing it for your plan. But if you’re like many plan sponsors, you’ve been wondering about the best way to do so.
Raymond James has helped plan sponsors through every stage of the reenrollment process – from design and preparing for implementation to execution. With your desire to bring the best of your plan to your employees and our reenrollment experience, we can partner to help your employees close their retirement readiness gap.
