Making Retirement Plans Work for Everyone: Practical Ways to Increase Engagement
Let’s be honest: retirement planning can feel confusing and even a little intimidating. But if you’re an employer or plan sponsor, you have the ability to help make saving for retirement simpler, friendlier, and more effective for everyone. By focusing on engagement and accessibility, you can help your team feel confident about their financial future.
Why Engagement Matters
When employees understand and feel involved in their retirement plan, they tend to save more regularly, make informed investment decisions, and feel valued by their employer. Employee engagement is a key part of building financial security and a stronger workplace culture.
Speak in Plain Language
One of the easiest ways to boost engagement is to simplify the conversation. Skip the jargon and technical terms in favor of everyday language. For example, describe the employer match as “extra money your company adds when you save.” Visual tools such as infographics and simple charts can show how savings grow over time, making the process feel approachable and clear.
Focus on Financial Wellness
Retirement planning is important, but employees often want broader financial guidance. Topics like budgeting, managing debt, and saving for short-term goals may resonate with many people. Consider hosting workshops that cover these areas which can help create a foundation for long-term saving habits.
Make Enrollment Simple
Complex enrollment processes can discourage participation. Streamline the experience by offering online sign-up and mobile-friendly tools. Features like automatic enrollment and automatic contribution increases can help employees start saving and build momentum without extra effort.
Personalize Education and Support
Employees are at different stages in life, and their needs vary. Tailor your messages to reflect those differences. Younger employees may benefit from guidance on starting to save early, while those nearing retirement often want strategies for helping to convert savings into income. Personalized communication shows that you understand their goals and can help make your plan feel more relevant.
Use Technology to Connect
Technology can make retirement planning more accessible. Interactive webinars, recorded sessions, and digital calculators allow employees to learn and plan on their own schedule. Mobile apps can provide convenient access to account information and tools, helping people stay engaged wherever they are.
Provide Educational Resources
Many employees want help creating a retirement strategy. Providing access to managed accounts or connecting them with a financial advisor who can offer personalized advice can help employees feel more confident about their decisions and their future.
The Bottom Line
Retirement planning doesn’t have to be complicated or dull. By simplifying language, focusing on overall financial wellness, using technology, and offering personalized support, you can help your team feel good about saving for the future. With the right approach, retirement planning can become more empowering for everyone.
This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.
Patricia L. Hutchinson
Director of Retirement Plan Services
AIF®, MBA