Who you choose as your 401k Plan Provider matters.
In a recent study, 64% of workers turn to their 401k plan provider as their first source of 401k financial advice - as well as advice outside of retirement planning.
When it comes to offering your employees 401k and financial advice - don't leave them wanting.
Since the recession back in the early 2000s, it has been discovered that workers not only need 401k and financial advice, but they want it. Additionally, people are taking lower paying jobs for the opportunity to work for a company with better benefits. Finally, studies have shown that workers who are financially stable are more productive, more invested in the company's success and overall better employees.
In short - if you are working with a financial company that is not actively working with you and your employees to provide 401k and financial advice, you could end up hurting yourself in the long run.
When it comes to offering your team financial advice, the same study showed that the top 4 retirement financial objectives of participants are:
1. Having a plan to convert retirement assets into a steady income.
2. Saving for retirement outside of your workplace plan (i.e. IRAs, savings, etc.)
3. Build savings for healthcare costs.
4. Saving for retirement through your current workplace plan.
Drilling down, workers are most interested in getting 401k financial advice from their retirement plan provider in the form of help with selecting investments, figuring how much they need to save, and tracking their progress and course correcting as needed.* Of those surveyed:
- 36% said they desired advice on how much to set aside to convert their retirement savings into a steady stream of income for retirement
- 34% said they would like advice on how much to save outside of their workplace retirement plan.
- 32% said they could use some guidance on paying for healthcare expenses in retirement
- 31% are looking for advice on how much to save in their workplace retirement plan
- 64% of those T. Rowe surveyed said they’d like advice on using health savings accounts (HSAs) for long-term investment purposes to fund their healthcare expenses in retirement.*
The bottom line - the key to happy and successful employees is offering a solution to help and educate them on their financial options - 401k and otherwise. By providing access to a company that can review options and make informed decisions about their retirement, you show that you are invested in their success as much as they are invested in your company's.
If you are looking for a 401k provider that your employees deserve, we invite you to contact us and experience the Pharmacy401k difference. Click the button below to learn more about our team, our program, and how we can offer the best 401k plan and financial services for you and your team.
For more information on our custom approach and to discover your pharmacy's optimal plan, click here to download our company census tool or contact us by emailing firstname.lastname@example.org or call Tyler Campbell at 843-720-3756.