Plan Sponsors Ask…

Question: Sometimes employees ask us for advice about how much of their income they should be saving for retirement, how much they should already have saved, and how much they will need. Of course, we don’t give blanket answers. But we would like to pass along some resources, either directly or through our plan communications, so they can educate themselves. Can you suggest some?

Answer: We’re glad that you aren’t trying to give one-size-fits-all answers to these important questions, and that you’re interested in helping participants learn more. There are some great resources available online, and you may want to share them with your participants as you communicate about the plan. Be cautious in your communication, though, because the ideas presented by one provider or expert can vary widely when compared to another source. You do not want it to appear that you are endorsing any particular source — unless you have the backing of the plan’s counsel and a full understanding that that’s what you’re doing. In a quick online search, we turned up resources from www.investopedia.com, www.nerdwallet.com, money.cnn.comwww.aarp.org, and The Motley Fool, among many others. Your plan provider likely has calculators available for participants, along with a variety of other tools. Take advantage of them. Even the IRS has resources that can help.

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