The older workers become, the more uncertain the future can become for them. Even if they seem as if they're in good financial shape, the margins of error they can operate in economically can get quite a bit narrower. As such, it becomes more and more important to put their minds at ease about how well they'll be cared for in their retirement. While that is largely their own concern, employers and their employee benefit consultants should be aware talented older personnel can easily be lost when better retirement opportunities appear.
The trend seems to be accelerating if recent research is to be believed. Around 64 percent of current workers intend to delay their retirements so they can continue saving, according to a Country Financial survey. If this was all that was necessary to stave off financial troubles later in life, the situation might not seem so bad. However, 43 percent of workers who contribute to some kind of nest egg have had to decrease the amount of money they put away in the past year.
First, employers should restore their workers' confidence in retirement plans and savings accounts. An employee benefit adviser can help to educate employees or at least establish a program of education that informs staff members about their savings options. Benefits aren't very valuable if they aren't used properly, which isn't easy when workers don't actually understand the services and accounts they have access to.
Secondly, companies employing quite a few older workers (and must do so because of their industry or services) should understand that retirement is a serious issue for many staff members. While few older Americans would ever want to see their health coverage decline or find that some services to which they're accustomed have been reduced, it may be superior to the alternative. Trust in the experience and expertise of an employee benefit specialist to find out what services might be best to emphasize and what methods will be successful at gauging staff opinions on the matter.
