With the nation’s economic outlook in question, It’s more important than ever to make sure your retirement plan offerings differentiate your organization from the competition. Whether you’re looking to deepen your bench by attracting top talent or retaining the valued employees you have, evaluate if your retirement benefit is enough to move the needle.

According to a recent survey, Americans currently define financial wellness as simply feeling comfortable with their financial situation. Over 50% believe wellness is defined as having the means to take care of family, not worrying about money or debt, and feeling protected financially from life’s unexpected events.

A recent comprehensive TIAA survey of financial wellness plan participant perceptions may be helpful to plan sponsors who have, or are considering implementing, a wellness plan for their employees.

So much about financial wellness has to do with cultivating a mindset favoring delayed versus immediate gratification. In the language of behavioral economics, the tendency to prefer short-term rewards is called hyperbolic discounting.

Plan Sponsor Q&A - Q1 2022

In the retirement plan industry, all too often we tend to conflate financial wellness with retirement readiness — whether this means confidence in obtaining retirement goals or being on track to reach post-employment financial targets. However, this limited view may fail to paint a complete picture for many participants.

Most people need to save more — often a lot more — to build a nest egg that can meet their needs. Many financial experts recommend putting away 10 to 15 percent of your pay for retirement. There’s a relatively painless way to reach that goal.

Four Tips for Increasing your Retirement Dollars.

Employers have heard a lot about financial wellness. However, employers don’t always recognize the connection between financial wellness and improved retirement savings behavior as well as a more productive workforce overall.

Replay our FInancial Wellness webinar lead by Kameron Jones.