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June 05, 2021

Workers losing ground when it comes to planning for retirement

Not a week goes by, it seems, when someone doesn't produce a new report noting just about everyone's lack of preparedness for life after work. And it's not just those nearing retirement who should be worried.

Research from Prudential Financial shows that one quarter of Millennials (those between 21 and 29) feel that they won't be able to stop working until they are over 70, largely because they can't see how they'll ever save enough money.

The gap between what workers realize they should be doing to prepare for retirtement and what they're actually doing can be largely attributed to a lack of motivation, Prudential suggests.

And that's where employers can help.

To keep employees' attention when it comes to retirement savings, companies have to keep workers engaged, make them feel less overwhelmed or intimidated, and simply make the whole investing process easier, according to a recent Prudential report entitled Turning Employees into Lifetime Savers.

Too often, corporate information is limited to all-employee group meetings to discuss investment fund options and, if they're lucky, the company match to employee contributions

But employers have to do better, the report suggests.

Does your employer offer any sort of retirement education at work? Is the program effective?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...