Financial wellness tools and resources can help workers nearing retirement age

Financial wellness programs have proven popular with employees of all ages before the pandemic, but since its onset older workers are tending to seek more help from these programs to ease their increased urgency regarding retirement readiness. A recent survey of users of a financial wellness service found that since the pandemic began the number of calls received related to retirement accumulation saw the biggest increase among employees age 57-66.[1] To help address the concerns of this important subset of employees, plan sponsors may want to explore ways to implement financial wellness initiatives that take into account employee age and proximity to retirement.

What you should know

25% of workers age 55 or older expect to retire at age 70 or later (or never)[2]

21% of Baby Boomers working in the U.S. are very confident they will be able to retire with a comfortable lifestyle[3]

Employees nearing retirement often have concerns that are unique to their age group, including:

  • Reviewing when to anticipate beginning to access their investments for retirement income and how that may impact asset allocation decisions (e.g., equity and fixed income options)
  • Understanding the impacts of healthcare and long-term care costs in retirement, and considering ways to better plan and/or budget for these expenditures.
  • Analyzing Social Security options, including strategies for when to actually claim benefits.

Resources that address debt and cash management, retirement accumulation, and lifetime income concerns can be very important for employees nearing retirement age who worry when, and even if, they will be able to afford to retire.

Plan sponsors can help everyone in their workforce prepare for retirement by tailoring employee education resources to employees at various stages in their lives and careers.

Financial wellness tools can help employees avoid delayed retirement, which impacts organizations by causing higher healthcare costs, inflated wages, and challenges in attracting and retaining top talent.

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