You Can’t Afford to “Wing It” When It Comes to Retirement!
Having a written plan makes it more likely you will stick to your plan.
You’ve heard this before: Failing to plan is planning to fail. This couldn’t be more true than when it comes to retirement. According to a recent survey conducted by the Transamerica Center for Retirement Studies (TCRS), more than one-third (37 percent) of workers don’t have any strategy for their retirement. These people are truly winging it…leaving their futures to chance.
The study also found that almost half (47 percent) of all workers have a strategy, but it’s not written down. Such a plan is better than nothing, but most likely it’ll be incomplete.
Fewer than one in five workers (16 percent) have a written plan, which is ideal. Research in behavioral economics shows that having a written strategy increases a person’s commitment to carrying out the plan.
So what should go into a successful retirement strategy? Read more, and check out additional links, from MoneyWatch’s Steve Vernon.
Plan Sponsors Ask…
Q: What are some key topics to address when communicating to employees about preparing for a more successful retirement?
A: We’re glad you asked. Aon Hewitt answered this question concisely and succinctly in a fun infographic titled “Top Questions to Ask When Preparing Employees for a Financially Successful Retirement.” It illustrates four specific and critical questions to ask, including discussions on how much employees need to retire and maintain their current standard of living (11 times their final pay, on average), how much they should be setting aside for retirement (17% of pay) and more.
Click here to check out the complete infographic
