Planning for retirement can feel overwhelming, but it doesn’t have to be. At Simplify Retirement, we believe that personalized advice and recommendations can make a world of difference. Our program is designed to demystify retirement planning and help employees take charge of their financial futures with confidence.
Why Personalized Advice Matters
Many employees find it challenging to navigate their 401(k) or 403(b) plans. Questions about how much to contribute, whether to choose Roth or pretax options, and how to handle debt can leave anyone feeling unsure. Personalized advice helps cut through this confusion. By offering tailored guidance, employees are more likely to achieve their retirement goals and experience less stress along the way.
Imagine Jordan, who’s unsure about maximizing her contributions. With personalized advice, she learns exactly how much to contribute based on her current financial situation and future goals. This clarity helps her make informed decisions, boosting his confidence and financial security.
The Cost of Underperformance
Underperformance in retirement plans is a significant issue. Morningstar’s “Mind The Gap Study” reveals a startling 1.70% annual gap. Moreover, Edelman Financial Engines found that over 20 years, employees had 80% less in retirement assets due to poor engagement and lack of guidance. This gap can mean the difference between a comfortable retirement and ongoing financial struggle.
Compounding this problem is the stress associated with retirement preparation. The Employee Benefits Research Institute’s 2023 Retirement Confidence Survey reports that nearly two-thirds of workers feel stressed about their retirement plans. Simplify Retirement aims to alleviate this stress by providing clear, actionable advice tailored to each employee’s unique situation.
Enhancing Fiduciary Processes
For employers, ensuring that employees have access to the help they need is crucial. The rising number of class action lawsuits related to 401(k) and 403(b) plans highlights the importance of a robust fiduciary process. By improving employee engagement, employers not only enhance employee satisfaction but also mitigate their fiduciary risk.
Our program helps Retirement Committees by documenting the outreach and results of our personalized approach. This thorough documentation supports a proactive strategy, showcasing a commitment to employee well-being and sound fiduciary practices.
Engaging Employees Proactively
One of the key aspects of our strategy is proactive engagement. We don’t wait for employees to reach out; we connect with them directly, offering clear calls-to-action and personalized recommendations. This approach significantly boosts engagement and ensures employees are making the most of their retirement plans.
Consider Douglas, who is overwhelmed by the plethora of investment options. Our personalized calls help him understand investment strategies that align with his risk tolerance and financial goals. By simplifying complex financial jargon into easy-to-understand advice, we empower employees like Douglas to make informed choices.
Creating a Comprehensive Retirement Plan
Retirement planning isn’t just about contributing to a 401(k) or 403(b). It’s about developing a holistic plan that considers various factors, from income replacement to investment strategies. Each employee’s situation is unique, which is why we focus on a customized approach.
Take Leesa, for example. She needs a plan to replace her income from multiple retirement accounts. Our experts work with her to assess her retirement income needs, review her accounts, and develop a comprehensive strategy. This tailored guidance ensures she has a clear roadmap to financial security in retirement.
Get Started
Retirement planning doesn’t have to be daunting. At Simplify Retirement, we’re dedicated to helping employees navigate their retirement plans with ease and confidence. Our personalized approach not only enhances employee engagement but also supports better fiduciary processes for employers. By addressing each employee’s unique needs, we help them maximize their plans and achieve their financial goals.
Simplify your retirement today with personalized advice and clear, actionable steps. Because when employees thrive, everyone benefits. If you’re ready to get started, don’t hesitate to reach out.
