We asked 660 HR managers whether they thought their organization’s employees understood their retirement needs. Here’s what they said.
Yes: 73%
No: 27%
Usually, understanding – and caring about – retirement needs increases as employees get older, and our respondents confirmed that in most instances, it was the older employees who had a better grip of what they’d need for a comfortable retirement.
What are HR managers doing to increase awareness?
— Some bring in third-party retirement-plan administrators, such 401(k) plans, to educated employees about the finances of retirement.
— Others hold retirement-planning orientation for new employees to make them aware of the needs and promote participation in company retirement plans.
— Still others are making employees aware of healthcare-coverage needs for retirees, and to what extent the employer will cover those needs. (About half of all private employers provide some type of health coverage for their retirees.)
What HR managers told us: Do your employees understand their retirement needs?
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