You already know what is happening. An estimated 10,000 baby boomers were leaving the workforce everyday in 2020. Individuals are living longer and healthier, and the options available to these individuals entering retirement, are increasing. The question is, does your company retirement prep program make the grade for this new landscape, this new longer work-optional life?
A 2022 Hub study suggests there has never been a greater need for comprehensive retirement preparation plans, both for employee welfare and for talent recruitment and retention.
What does a great retirement preparation plan look like? In addition to the traditional one-day financial workshops outlining pension, investment and benefit options there is increasing evidence additional factors need to be considered to help the retiree cross what is usually the largest chasm of their life. Additional program foundations include:
· Running financial scenario analysis, five years or more before the transition date to help familiarize the retiree with changing cash flows
· Establishing company policies on changing positions to a part-time and/or less demanding role, rather than leaving the company entirely
· Providing resources to help the soon to be retiree explore and identify future purpose options, such as starting a business, doing volunteer work or some passion interest
· Programs to help grow physical and mental vitality, and develop a growth mindset
When your team members transition well, everyone wins. The employee has a much more fulfilling and vibrant next phase of their life and the company benefits with greater retention, higher engagement and lower benefit claims over the long term.
Mind Switch provides a complete suite of retiree preparation programs