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When plan participants are young it’s harder for them to see the benefits of saving for retirement. A seemingly endless calendar of days means there is plenty of time to save for retirement, while the newest iPhone can be in their hands today.
But what if plan participants thought about their spending differently? What if they saw the money that they are spending today as borrowing from their future self, rather than just not saving? Would they still make the same spending choices?
Technology is everywhere you look. From the mini-computer you call a phone to your car’s dashboard, everything in our lives is becoming “smart” and the financial industry is no different. Tablets and smartphones are helping participants become educated in new ways in which they would not have had access to just 10 years ago.
If you are like most, you have a love-hate relationship with your alarm clock. Your appreciation for it helping you get your day started so you can earn a paycheck, just slightly outweighs your desire to smash it with a hammer each morning.
As owners of these devices though, we do yield a great power over them…the snooze button. With the press of a button, we are able to push away our tasks for the 10 minutes of rest that will make today that much better.
For plan participants in their 30s, there are a lot of demands on their money. Maybe they’re starting a family or perhaps they just purchased their first home. So what conversations should you have with them about retirement planning?
We’ve all seen the statistics – despite the rising cost of retirement, research shows 75 percent of Americans have less than $30,000 in retirement savings. That alone is a great reason to check in with your clients to see if their participants are doing everything they can to save for the future. But if you need another reason, National Save for Retirement Week is being celebrated in just a couple of weeks from October 20 – 26.
A lot of advisors will tell their clients that saving for retirement is like running a marathon. If you pace yourself in your early years and keep up a steady pace over the long haul, you’ll reach the finish line in good shape.
That’s exactly what the National Association of Plan Advisors (NAPA) is saying in a new message that makes the point that plan advisors can help retirement savers “go the distance.”
NAPA makes four important points in their campaign demonstrating the value a plan advisor brings to the table:
As you may have read in the 401kWire recently, Stan Harrell (Senior Vice President, CFO & CIO, U.S.