Plan Sponsors Ask…
Q: Some of our participants are asking questions about how to withdraw their money from their retirement accounts. Should we be concerned?
A: While 45% of employees are worried about running out of money in retirement, 43% still say it’s likely they’ll need to meet today’s financial obligations with savings earmarked for their golden years, according to a 2016 PwC survey. That’s up considerably from 35% in 2015, and 27% in 2014. Millennials are most at risk – 50% said they are most likely to access retirement funds for other needs. As an employer, you’re in a great position to help. Providing comprehensive and consistent education via a holistic financial wellness program that assists employees with cash flow and debt management, savings, retirement readiness, financial stress and productivity can go a long way toward helping them make better choices when it comes to saving for retirement and achieving their long-term goals.
