Blog
July 1, 2019
I Can’t Get No Satisfaction
Little did the Employee Benefits Research Institute (EBRI) know that Benefit Equity, Inc. (BEI) would be quoting The Rolling Stones when their latest retirement survey was released this year.
When employees where asked about their satisfaction with the investment options offered through their retirement plans, 77% said they are very or somewhat satisfied with their choices, down from 86% in last years’ survey. The survey also found a majority of employees want some type of educational or financial well-being program to help them plan for retirement.
This question seriously needs to be asked…Are more choices better or are we human beings just never satisfied?
BEI works with financial advisors and top investment/recordkeeping providers to help with financial literacy. Just go online and access the investment company who is keeping track of your money and you’ll find assistance to determine the amount you need to save for retirement. Better yet, give your financial advisor call to get their professional input, and if don’t have one, we recommend you consider getting one sooner than later to be able to plan and retire on your own terms.
The EBRI survey also indicated employees are unaware of the multitude of retirement choices and vehicles available—and they need greater support in analyzing what is ideal for their financial situation and lifestyle goals. You likely have heard the old adage that most of us spend more time planning our vacations than planning for retirement accessing our 401(k) account. BEI’s experience shows how true this is indeed.
Another revealing statistic of the EBRI Survey was a real “eye opener.” 80% of employees said they planned to continue working in some capacity after they retired from their primary job. However, when retirees were asked the same question, only 28% had worked after retiring. And another question that needs to be considered is “Will the next generation save enough to retire or will they only stop working due to health reasons?”
In general, the EBRI survey indicated employees are generally satisfied with their workplace retirement plans, but also found a real interest and need for financial counseling at the workplace.
See this link to the full survey and contact your financial representative to discuss how they can help you better prepare for retirement.
Author: Robert Gorelick, APA, Founder Benefit Equity Inc.