OPINION: In a time of heightened economic uncertainty in the pandemic, here's how employers can help employees retire with more money: Invest in financial literacy classes.
Employees could use financial advice. Workers globally anticipate they will need on average 67% of their current income in retirement, yet only a quarter feel they’re on track to meet that goal, according to an insightful new report: The New Social Contract: Age-Friendly Employers.
Many of us are nervous about our finances, triggered in large part to coronavirus pandemic. But that anxiety was percolating before that as older adults wrapped their heads around the notion of financing living long lives and unpredictable future health care costs down the road. Younger ones, too, worried about paying off student loan debt and finding a full-time job with employer benefits.
The good news from the findings is that over three in five workers who receive financial advice as an employee benefit service have well-developed plans in place for their retirement savings and a comparable proportion feel as though they are now saving enough for their retirement. And what happens if you’re over 50 and have been laid off during the pandemic? Almost two in five retirees retired sooner than planned, with the most common reasons for an early retirement being ill health or unemployment/ job loss , according to the report.
“We know that the flawed retirement system combined with older worker bias and the COVID-19 recession are going to drag millions down from the middle class while increasing the level of inequality in health, wealth, and income,” says Ghilarducci.
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