Employees age 55 and older are staying in the full-time workforce much longer than they used to, according to research by the Employee Benefit Research Institute. Trends like this make it all the more important for employees to start saving early for retirement.
Employees age 55 and older are staying in the full-time workforce much longer than they used to, according to research by the Employee Benefit Research Institute. This trend has been documented across all demographic groups, ethnicity categories and educational levels. Researchers believe this is due to growing health insurance costs combined with employers shifting from defined benefit (pension) plans to defined contribution (401(k)) plans. This trend looks to continue, if not accelerate, as baby boomers edge closer to retirement age.
Trends like this make it all the more important for employees to start saving early for retirement, as well as saving smart. For saving early, automatic enrollment gets employees contributing to your plan as soon as they are eligible. Saving smart can be accomplished via online calculators, which allow employees to map out their savings and expenses with real numbers. NADART offers both of these tools.
To learn more about the features NADART offers in its retirement plans, please complete our Product Information Request Form or contact us at (800) 462-3278, ext. 7161 or e-mail nadart401k@nada.org.