If your employees are like most Americans they don’t have enough money to retire. Not even close. Furthermore, many of the people that think they have enough will outlive what they have. Consider healthcare costs alone: Fidelity Investments estimates that the average 65-year old couple retiring this year will need $240,000 to cover future medical costs. This does not include the high cost of long-term care.
Did you know that 51%+ of the workforce has no private pension coverage? How many of them systematically set funds aside for their retirement? Will Social Security provide a sufficient safety net? Consider the following Social Security 2013 Beneficiary Data:
The figures above portend a national crisis on par with the Great Depression. It is like watching a train wreck in slow motion.
Your country doesn’t expect you to solve the problem. Your country needs you to do your part. The front lines in this war will not be the dry sand of Iraq or the cold mountains of Afghanistan. The front lines will be in Accounting or Human Resources. It isn’t your life but your pen that we need on the line. This will be a heavy lift for our country, but when you do your part, the lift will be that much lighter. Here’s what you can do:
Your country needs you now more than ever. Small changes in your 401(k) plan today will make all the difference in the years ahead.