Making Retirement Planning Inclusive for All
Retirement planning shouldn’t be reserved for executives—it’s essential for every employee, especially those who have dedicated decades to their company. These long-tenured workers have spent years contributing to their organization’s success, yet many find themselves unsure about their financial future as retirement approaches. Too often, employees—particularly women—have been overlooked when it comes to financial education, leaving them uncertain about their retirement savings options.
By focusing on retirement readiness for all employees, companies can foster a culture of financial security and inclusion. Providing education, personalized guidance, and accessible savings options empowers workers to make informed decisions about their future. When every employee, regardless of their position, has the opportunity to build a secure retirement, businesses not only strengthen their workforce but also contribute to a more financially stable society.
This issue was a key focus during a recent conversation between Fred Barstein, CEO and founder of TPSU, and Susan Hagerman of RockWay Wealth Partners following a TPSU program at Drake University. Susan, a retirement industry veteran with over 30 years of experience, emphasized her firm’s commitment to engaging directly with employees to improve financial wellness. She highlighted the challenge of employer reluctance to dedicate time for employee education and explained how RockWay overcomes this by meeting employees in their own workspaces and utilizing media and technology for engagement.
Susan also stressed the importance of working with all employees, not just executives, particularly long-tenured workers preparing for retirement. She shared her concern that many employees, especially women, were never encouraged or shown how to save for retirement. Providing all employees—regardless of tenure or position—with access to financial education and retirement planning isn’t just a benefit; it’s essential to building a more secure and equitable future.
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Barstein. I’m the CEO and founder of TPSU. We just completed a program at Drake University in Des Moines, and I am here with Susan Hagerman.
Susan:
Mm-hmm. Yep.
Fred Barstein:
And she is from RockWay Wealth Partners.
Susan:
That’s right.
Fred Barstein:
I got it right. All right, great.
Susan:
That’s right.
Fred Barstein:
Okay if we ask you a few questions, Susan?
Susan:
Sure thing. You bet.
Fred Barstein:
So tell us a little bit about your firm and Susan and her partner, Brian Thompson are the adjunct lecturers here.
Susan:
Mm-hmm. Mm-hmm. Thank you, Fred. So I’ve been with RockWay Wealth Partners for just over three years now. I am an industry geek. I’ve been in the retirement plan services industry for 30 plus years, and part of the reason why I’m attracted to RockWay and working with Brian Thompson is his focus on not only retirement, but the employees, the end user of the services we provide.
Fred Barstein:
And to clarify, a lecturer for TPSU, not for Drake. Even though we are at Drake. So Susan, I know that you’re very passionate about working with employees, doing financial wellness. What are the biggest challenges you find around engagement? Getting people to really even respond to work with you.
Susan:
So you first have to kind of break through the employer barrier. A lot of times, employers will want to offer the benefit and have a great plan, but they don’t want to take their employees off the plant or bring them in from out of town for education and training.
So RockWay is all about going in person and meeting with the employees. So oftentimes, how we do that is actually by circulating through the plant or through the office to speak to the employees directly in their own space. Oftentimes, an employer will just say, “We’ll make you available. We’ll have a sign-up sheet, but I’m not going to make it a mandatory meeting.” Those are different challenges, obviously. So we use a lot of media and technology for engaging in those services.
Fred Barstein:
Yeah. I mean, having the plan sponsor engaged is making all the difference in the world. So other than getting the plan sponsor engaged, what are the other things that you’re having success with?
Susan:
For me, as being a woman advisor and being in the industry so long is speaking with everyone that works in the plant. It’s not all about just working with the C-suite and management. I want to seek out the woman that’s been there 20 years, 30 years. The man that’s been there, he is ready to retire. I want to see what they’re doing, how they’re getting ready for retirement, and talk with those people individually because everyone deserves a respectable retirement for sure and to have some sort of retirement savings. And it’s still so shocking to me to learn that a woman would say to me, “Nobody’s ever said that I made enough money to save for retirement or save. Nobody showed me how to do it before.”
Fred Barstein:
And I think that’s huge that a lot of advisors that are just looking for the [inaudible 00:03:31] and really that 3%. It’s great that you’re willing to work with everyone.
Susan:
Absolutely.
Fred Barstein:
And I think also when they come in with gold watches and Mercedes-Benz, people don’t relate to that.
Susan:
No, no.
Fred Barstein:
So they’re a little intimidated by it.
Susan:
Right, right.
Fred Barstein:
Final question for you. You’ve done a few TPSUs. What do you think the major benefit for a plan sponsor coming to a TPSU is?
Susan:
I think that the plan sponsors I’ve talked to that have been at our events here in Des Moines, they can’t believe how much there is to know about as a fiduciary, and they don’t know where to find the information to learn about their responsibilities. And TPSU offers a wonderful place for them to gain that foundation and then to further build their knowledge.
Fred Barstein:
Great. Well, thank you.
Susan:
You’re welcome.
Fred Barstein:
Thanks for your time today.
Susan:
You’re welcome. Glad to do it.
Fred Barstein:
Thanks for being a lecturer for TPSU.
Susan:
For sure.
Fred Barstein:
And thank you for watching 401kTV. Please stay tuned.
