Planning for retirement brings with it many complex emotions—anxiety, fear, uncertainty—and addressing these emotions is one way plan sponsors can help employees better prepare for retirement.
“Anxiety comes across when [members] don’t necessarily have the tools that they need to get the job done,” says Jennifer Gregory, vice-president, national accounts, with Great-West Life.
She suggests offering such tools as retirement readiness checklists and debt reduction calculators, and helping members to get the quotes they need to pick the right product for their savings plan. She also suggests inviting the member’s spouse to education sessions, so that he or she can participate with the member in financial planning and investment decisions.
“Members without a vision procrastinate,” Gregory says. Helping plan members to develop that vision and to put a concrete plan in place will help them feel more prepared—and less anxious—as retirement approaches.
Watch the video to find out what else Gregory has to say about helping members plan for retirement.