Do You Support Retiring Execs?

The days of your firm “taking care of you” in retirement may be long-gone, at least according to a recent Transamerica Retirement survey. The company found 80 percent of those responding did not feel prepared to make important financial decisions in retirement based on what they had learned from their employers.

Today, much of the “financial management” advice we give retirees has moved into the private sector. “Go talk to your adviser,” is common advice. Perhaps this is because of just how complicated everything has become, with additional regulation and nuances very few “non advisers” understand. So, what can we do?

The survey points out just supplying employees with information is not enough to make them actually feel prepared. Just as organizations feel confused by all the regulation, so do individuals. “Go talk to your adviser” may actually be the best advice there is, so the question becomes: how can we help employees do this?

As a human resources director, consider asking questions such as, “When was the last time you spoke to your adviser? Are you happy with the responses you received? How prepared do you feel?”

If an employee sounds uncertain or is not following up with a financial adviser, offer support to help him or her do this. Perhaps offer paid time off when the individual wants to meet with an adviser, bring potential financial advisers into the office for meet and greets, or simply remind employees to stay on top of these issues. By offering this support, even if you are not giving direct retirement advice, you can help employees feel more prepared.

More on the survey here.

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About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
This entry was posted in Estate Planning, Executive Benefits, Non Qualified Retirement Plans, Qualified Retirement Plans, Retirement, Retirement Plans. Bookmark the permalink.

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