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.)
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