The Employee Benefit Research Institute tells us that more than 50 percent of all 401(k) plan participants have yet to complete a retirement needs calculation, even as more responsibility for retirement outcomes shifts to employees. What's more, only 17 percent of workers are very confident that they will have enough to retire comfortably.
Education is the key to enable employees to make informed decisions and be comfortable with their financial retirement preparations. Participants in 401(k) plans can count on an experienced financial advisor to help them build a realistic plan for saving money. The most common mistakes, which financial advisors help you avoid, is overestimating the worth of Social Security benefits or underestimating how long you will live.
A feature unique to small business retirement specialists who comprehensively care for client is the advisory support provided to your plan participants. Your best 401(k) plan for employees can be found with a financial planner committed to partnering with you to provide both a comprehensive retirement plan and individual planning assistance to help your employees build the bridge from career to retirement. MFG is not only concerned with the investments of its clients but also the value that successful investment plans can add to a fulfilling and worthwhile lifestyle post-retirement, focused on the achievement of your dreams.
Trustworthy financial planners should follow similar steps to ensure that plan sponsors keep employees educated and informed about their personal financial options and goals.
- Pre-enrollment Memos and Announcements build plan excitement and anticipate questions prior to group enrollment.
- On-Site Group Enrollment or Individual Meetings scheduled at your convenience.
- Group Investment Education Meetings help existing participants make informed deferral and asset allocation decisions.
- Group and Individual Investment Advice offers hands-on assistance to help participants select funds based on a customized risk profile questionnaire.
- Bilingual Capabilities allow us to serve diverse workforces and ensure clear understanding during enrollment.
- On-Demand Education presents customized, pre-recorded education modules via company intranet on a range of topics: Plan Basics, Asset Allocation, Pre-Retirement Planning, Loans or Market Timing.
- Gap Analysis Program identifies lifestyle needs and delivers meaningful retirement planning guidance.
- Individual Financial Planning Services are also available and delivered to employees in an environment of privacy and trust.
If your employees, like those surveyed by The Employee Benefit Research Institute, need assistance planning for their retirement, seek help from a comprehensive financial advisor. You need a retirement plan specialist that utilizes a process to evaluate your business, understands your needs, recommends a long-term solution, and commits to ongoing education for you and your employees.