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Why Employees Need More Than Retirement Savings for Financial Security

Why Employees Need More Than Retirement Savings for Financial Security

by | Apr 19, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Saving for retirement is important, but it’s not the only path to financial security.

In fact, there’s a whole lot more that goes into building financial security than just stuffing your retirement savings into a 401(k), IRA or other investment vehicle.

A recent study found that 98 percent of respondents have a retirement plan, but 71 percent didn’t have an emergency fund stocked with at least three months of expenses.

That means that if these folks lost their job, were injured or faced another financial emergency, they’d be out of luck and extremely financially stressed.That stress comes with them into the workplace, and it’s why employers need to help their workers see the bigger financial security picture.

Is your company’s location hurting employee retention? Businesses in Los Angeles say the area’s high housing costs are keeping top talent out of the area. Some employers offset these costs with specially designed hiring packages.

Can Fido or Fluffy reduce stress in your office? One study found that bringing their pets to work reduces the amount of stress employees feel. Six tips for making your office pet-friendly.

Millennials think retirement is a long way off, but it’s closer than they think. Are your Millennial employees asking these retirement questions?

The GOP’s financial policies raise concerns for retirees. Some worry that delaying the fiduciary rule and blocking Obama-era rules allowing cities and counties to set up retirement savings plans for private-sector employees will cause more hardships. Read three suggestions for improving retirement outcomes.

Too many tools and processes get in the way of employee productivity. Employees want to do a good job, but complicated office procedures slow them down. Here are four ways HR leaders can simplify office elements.

Building company culture doesn’t just mean making employees happy. Ideally, your employees are happy to come to work, but employee engagement should be your company’s main objective. How to focus on what matters.

Would you prefer a lump sum retirement benefit or a monthly annuity? A recent study found that retirees who choose a lump sum are likely to spend it too quickly, while an annuity forces retirees to spread out their spending.

Managers are responsible for 70 percent of employee motivation, so it stands to reason that a bad manager makes employees more likely to seek other opportunities. These nine manager mistakes make employees quit.

The nitty-gritty financial facts behind investing and savings can be confusing. A recent survey found many Americans are confused on key financial concepts, setting them up for financial stress later. Do your employees understand these three basic financial facts?

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

The Retirement Planning Quiz That Stumps Most Americans

The Retirement Planning Quiz That Stumps Most Americans

by | Apr 12, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

How much do your employees know about retirement planning?

Probably not as much as they think, and that ignorance can lead to lots of financial stress as they try to plan for their golden years.

The American College of Financial Services and the New York Life Center for Retirement Income put together a retirement planning quiz and the results are shocking: they found that most Americans could only correctly answer two or three questions out of six, effectively failing the quiz.

Without a proper understanding of what retirement planning entails, employees’ retirement-related financial stress will soar as they approach the end of their careers. These are the retirement topics that cause the most confusion.

LGBT employees are protected from workplace discrimination under the Civil Rights Act, a federal appeals court ruled last week. The ruling overturns a previous appeal and states that employers can’t fire employees because of their sexual orientation.

Can your employees customize their benefits packages? A new study from MetLife found that employees – and especially Millennials – report increased loyalty to their employer when they can pick the benefits they find most useful to them. Which benefits do they want most?

Optimism may keep Americans from preparing for the future. A Northwestern Mutual study found that while Americans think the economy will continue to improve this year, they aren’t making long-term financial plans and are setting themselves up for future financial stress.

401(k) plans are a great way to save for retirement, but they’re also misunderstood. Between figuring out how much money to deposit and deciding whether to tap into those funds early, here are 10 common 401(k) misconceptions.

As more Boomers head into retirement, many find they’re under-saved and under-planned, according to a new report. The Insured Retirement Institute found that 30 percent of Boomers have postponed retirement and 26 percent have stopped adding money to their retirement accounts. Here are 10 retirement struggles they face.

More than 61 percent of Americans get their healthcare through employer plans and those employers want to pay less for prescription drugs. A recent survey  of employers found that controlling the cost of pharmaceuticals is a top priority for them in any healthcare reform. See which other issues topped the list.

Sometimes a company culture develops organically and sometimes you have to create it. It starts with identifying your company’s values and implementing practices that reflect those values. Check out these suggestions for practicing common company values.

When employees are financially stressed, they may view their retirement accounts as an easy source of cash. However, borrowing from retirement accounts can rack up taxes and penalties while also reducing the amount of interest accruing on the account. How to combat 401(k) “leakage.”

What annoys your Millennial employees? Calling them Millennials. A study by LIMRA found that less than half of those who fall in the Millennial age group identify with the term and many see it as carrying a negative connotation.

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

Northwestern Mutual: Financial Stress Looms Despite Increasingly Optimistic Economic Outlook

Northwestern Mutual: Financial Stress Looms Despite Increasingly Optimistic Economic Outlook

by | Apr 6, 2017 | Blog

Americans are feeling increasingly optimistic about the country’s economic outlook, but financial stress could be on the horizon, thanks to a lack of planning for a secure financial future.

According to Northwestern Mutual’s 2017 Planning and Progress Study, 43 percent of Americans say the U.S. economy will be better this year than last, up from 31 percent who said the same thing last year. And fewer people believe there will likely be more financial crises on the way: 67 percent of this year’s respondents versus 76 percent in 2016.

This optimism continues on a personal level, as 72 percent say they feel financially secure. On the flip side, however, this means more than a quarter – 28 percent – feel at least some level of financial insecurity. More than half feel their financial security will change in the next year, with 38 percent feeling they’ll be more financially secure next year and 19 percent saying they’ll be less secure.

While most Americans have a positive economic outlook for the next year, their long-term view is a little less optimistic. This year, less than half – 48 percent – of surveyed adults said the “American Dream” is attainable for most people. In 2009, the first year Northwestern Mutual conducted this survey, 58 percent said it was attainable.

“It appears we’re at a financial flashpoint in America,” said Rebekah Barsch, vice president of planning at Northwestern Mutual. “In the near-term, people clearly feel a little better about the stability of the U.S. economy. At the same time, there’s a drop in longer-term optimism around the attainability of the American Dream.  Combined, it’s a mix of improvement in the moment with uncertainty about the future.”

Perhaps because of their overall rosy economic outlook, the study found that many Americans are being less disciplined in their financial habits and aren’t setting up long-term financial plans.

Even though most Americans think we’ll face another financial crisis at some point, only half think they need a financial plan that anticipates up and down cycles in the economy, down from 57 percent last year. Also, not everyone who thinks they need a plan designed for highs and lows has one – only 43 percent said they currently have a retirement or financial plan designed to endure market cycles and only 41 percent said their long-term saving strategy includes a mix of high- and low-risk investments, down from 47 percent last year.

Retirement is one of the biggest sources of financial stress among American workers, but too many employers simply offer a 401(k) or similar retirement plan and call it good. Workers need to understand how these accounts work and how they fit into a larger long-term financial plan. It’s up to employers – and their HR executives, in particular – to make sure their employees know how to use their retirement benefits and help them build a plan that will reduce financial stress, weather market fluctuations and ensure a comfortable retirement.

Do Employees Understand Their Benefits Package?

Do Employees Understand Their Benefits Package?

by | Jan 18, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Do employees understand their benefits package? A new study from The Guardian Life Insurance Company of America found that less than half of workers have a good understanding of how their employee benefits work and how to best use them.

As a result, 79 percent of working Americans surveyed said they feel serious concerns related to their finances. This in turn makes them more distracted and less productive at work because their minds are on their own financial stress rather than the task at hand.

So what can employers do to help their employees reduce financial stress and build financial confidence? Read on for four ways businesses can help improve employees’ financial outcomes and lower their level of financial stress.

Tech-savvy Millennials can bring a fresh perspective to a company, but their tendency to job-hop can also bring HR headaches. A recent study found that two-thirds of Millennials plan to leave their current gigs in the next four years. Try these three strategies to make your company a place where young workers will want to stay.

Got an open executive position at your company? You don’t want to hire just anyone to fill important leadership roles. This is why many companies look beyond submitted resumes and start recruiting potential candidates who already have another position. Here’s how you can poach (and keep!) top talent in your industry.

While the improving housing market is great for homeowners, millions of potential buyers are finding themselves priced out of the market. Help your employees combat housing-related financial stress.

Are your company’s employees happy with their benefits plans? They may not be, according to a new study by the Transamerica Center for Health Studies. Learn why the study found a communication disconnect between employers and their workers regarding benefits satisfaction.

Everyone loves to be told they’re doing a good job, and getting kudos from a coworker may be even more impactful than hearing it from a manager. Here’s how coworker recognition programs can help improve your bottom line.

Employee wellness programs can be a big investment with great payoffs over time, but only if the program is a good fit for your company culture and employees. Make sure you don’t forget these four often-overlooked steps when building your wellness program.

Keeping employees engaged in the workplace is essential for retention. If they don’t feel connected to their company and coworkers, they’ll be more likely to jump ship if another offer comes along. These are the factors most likely to boost employee engagement this year.

We use self-service portals to do everything from online banking to buying concert tickets. But did you know these online portals can also be time- and money-saving tools for your employee benefits programs? Read up on seven ways these tools can simplify your HR processes.

Which perks are most appealing to today’s employees? Top employers are branching out to entice talent with everything from corporate outings to house-cleaning services to “Whiskey Fridays.” Steal these ideas from Facebook, Google and Netflix.

 

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.