3 ways retirement plan design can address workforce challenges
Today’s workforce is more diverse than ever before — spanning a wide array of generations, socioeconomic brackets, educational backgrounds, geographies and job types. Even so, there are ways employers can structure a retirement plan to address the needs of a growing and changing workforce.
A well-structured retirement plan enables workers to build sufficient savings, manage risk, choose appropriate investments, generate lifetime income and save for expenses in retirement. It can also help employees improve their retirement readiness and serve as a key differentiator in the battle to attract and retain talent. No two organizations are the same, but plan design can be customized and strengthened to align with the unique needs of employees.
Here several ways benefits professionals can design retirement plans to address three key financial needs.