There are planned retirements.
There are unexpected retirements.
And, then — hold my drink — there’s Vontae Davis’s retirement.
“Never heard of it. Never seen it.”
Vontae Davis played ten seasons in the National Football League, most recently for the Buffalo Bills.
It can be difficult for a 25-year-old to envision life after age 65, let alone to start saving for it—and many of your employees aren’t even sure how or where to start saving. That’s why it’s important for employers to take an active role in educating employees about the benefits of retirement savings plans.
The majority of employers across the United States offer retirement plans to help employees save and plan for their financial future. My employer, the YMCA of Greater Rochester is no exception. As a matter of fact, the Y realized early on the importance of offering retirement benefits to its’ employees.
Under federal and state laws (most or all), employers can have voluntary retirement programs. Of course, there is much litigation on whether and when an employee’s decision to retire is truly voluntary.
Over the coming decades “Mature Workers” (defined as age 50+) will be one of the largest sources of talent available. Given this reality and the invaluable nature of older workers’ experience and skills, organizations must develop both acquisition and retention strategies to employ the mature workforce and stay competitive. That’s where SHRM, the SHRM Foundation, and AARP come in.
Making the decision to start contributing to a 401k plan isn’t easy, but it is a “yes” or “no” question. Once you decide to go with “yes” (which I hope everyone will do), then you have to decide:
Some time ago, after I graduated with my undergraduate degree, I was lucky enough to get a job working for the governor of Nevada (see, internships can pay off!). I was also fortunate to have a great boss (the governor himself) who impressed upon me how important it is to start saving for retirement, even at the tender age of 22. I started saving early because I was able to make a small contribution with my modest salary. Had I been saddled with huge amounts of student loan debt, that wouldn’t have been possible.
Too many of us don’t think we have enough disposable income to invest in our retirement. Sure it would be great if every employee maxed out on their 401k contributions every year, but the reality is that most people don’t have the finances or discipline to do this.
Nearly every worker’s dream is to have a secure retirement to enjoy the fruits of their labor. Social Security is here to help your employees secure today and tomorrow. Part of that commitment is to ensure that your employees have the most up-to-date information so they can make the most advantageous retirement decisions.
The vision of retirement is undergoing a major change. Many people envision that retirement is sitting at the local Starbucks chatting with friends or sitting on the front porch rocking away enjoying “the good life.” However, for many people that is not the good life and as a result the vision of what retirement will look like is undergoing a major change.
Social Security wants to help you prepare your employees for a secure, comfortable retirement. Security is the Social Security Administration’s middle name and we want everyone to enjoy the fruits of a lifetime of labor.
More workers in 2016 have faith that they’re set up for a comfortable retirement, but many of them may not realize what it really takes to achieve the retirement lifestyle they’ve imagined, according to a recent survey.
Every year around this time, I’m reminded to take a closer look at my retirement account balance and to either smile and breathe a sigh of relief or cringe and increase my monthly contribution.
Over the next few years, the aging population will lead to a 'retirement tsunami', with millions of baby boomers leaving the workforce within two decades. In Australia, the ratio of employed persons to retirees will be cut almost in half, falling from 5 to 2.5 workers for every retired individual, according to Treasury data. In the US, "baby boomers in a big lump are leaving the labor force," according to Andrew Chamberlain, chief economist at Glassdoor. In short, there won't be enough new talent entering the workforce to keep up with those leaving it.