Looking for a Healthy Retirement? You Need Financial Wellness

Aug 22, 2018

Employees of all ages are procrastinating, postponing retirement planning until tomorrow. They make the mistake of believing that there’s more time than there really is. Though today’s financial worries can be the loudest, it’s important to still dedicate time and resources to planning for what comes next. Many employers are seeing the value in early planning, and they are making an investment in their employees’ financial well-being.

New research from the International Foundation of Employee Benefit Plans (IFEBP) provides even more insight into the need for financial literacy and a growing demand for financial wellness plans. According to the study, 40% of employers surveyed said that their employees are only a little bit, if at all, financially savvy[1], and 36% said that their employees were only a little prepared or entirely unprepared for retiring on time[2]. In reality, when you postpone retirement planning, you’re actually postponing your retirement!

The IFEBP study wasn’t all bad news though. It found that 24% of employers reported having a financial education budget in 2018, which is a substantial increase from just 14% in 2016[3]. Even better, 20% of those without a financial education budget were considering adding one, and over half of employers that have budgeted for financial education reported that they were planning to increase the budget over the next two years[4].

Ganim Financial is dedicated to equipping our clients with the best possible retirement plan. This includes a commitment to helping employers establish the right financial wellness benefit plan for their employees. When helping establish a new program, we ask our clients the following questions:

  • Do you have a formalized education plan?
  • Do your employees receive one-on-one retirement gap analysis?
  • Are your group workshops relevant to your employees’ financial fitness?
  • Do your employees have access to a Retirement Income Planning Specialist?

Looking to improve the health of your Corporate Retirement Plan? Our experts are here to help!

[1]Source: Employee Benefit Advisor
[2]Source: Employee Benefit Advisor
[3]Source: Employee Benefit Advisor
[4]Source: Employee Benefit Advisor

Posted In: Health & Wellness

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