Innovative Benefits for Working Parents to Prevent Retirement Regrets

Costs Benefits Choices The majority of current retirees have regrets about their retirement savings.  Specifically, 86% wishes they had saved more for their post-working years, according to a MedicareFAQ survey cited in Employee Benefit News.  A quarter of retirees have regrets overall now that they’ve left the workforce, the survey found.  And less than half of retirees feel they have enough savings to maintain their lifestyle in retirement, MedicareFAQ found.

Employers can help retirees avoid such regrets by promoting financial literacy in the workplace, as well as addressing healthcare concerns to ensure they’re manageable and offering one-on-one coaching or support when it comes to retirement savings.  Employees need to understand retirement planning at all ages and stages of life, and employers should help workers to make a smooth transition into retirement when the time comes.  Employers can also play an instrumental role in helping employees gain a clearer picture of what they’d like their retirement to look like and make informed decisions and actively engage in planning for a more financially secure retirement, according to David Haass, chief technology officer and co-founder of MedicareFAQ who was quoted in the Employee Benefit News article.

Integrating retirement benefits into the workplace helps foster an engaged culture and enhances employee satisfaction.  Beyond retirement benefits, employers also have an opportunity to help support working parents by offering inclusive and supportive policies and benefits that make their lives easier and promote a healthier work-life balance.  With many companies mandating that workers return to an office, even on a hybrid basis, working parents are juggling both professional and personal priorities, and they need employers’ support.

Lack of access to quality childcare is a challenge that plagues many working parents today.  According to another recent Employee Benefit News article, at least one company has implemented a policy that allows parents to bring their children to work with them when they need to.  Some companies provide access to caregiving coaches; others offer parents access to platforms that enable them to connect with baby sitters and caregivers when they need them, such as UrbanSitter.

To find out what working parents truly want and need, employers should simply ask them.  Often, their needs are relatively easy to accommodate. According to Ruth Veloria, chief strategy officer at the University of Phoenix who was quoted in Employee Benefit News, “’To boil it down, there are four key components missing in workplaces where we find our lower-income moms: Accessible child care, paid time off, the recognition of skills acquired through motherhood and opportunities to build one’s skills… If employers put those components together, they can set moms up for success.’”

Offering a competitive benefits package that includes a solid retirement plan and ancillary benefits, such as access to childcare, caregiving support, and upskilling, can positively impact recruiting and retention efforts, helping employers to stand out in a crowded labor market.  Employers should review their current offerings and determine if they can innovate to attract the best and brightest talent.


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