How ready are your employees for retirement?
That question is increasingly being asked as an average of 10,000 U.S. baby boomers reach the age of 65 each day, based on the 2011 U.S. Census. Many baby boomers say they are not ready to stop working and are not prepared for the next phase of life. Are you?
The 2014 Retirement Confidence Study by the Employee Benefits Research Institute (EBRI) found that approximately one in four Americans (24 percent) is not at all confident about having enough money for a comfortable retirement1. Three in five Americans have less than $25,000 in savings and investments, EBRI reports2.
MassMutual is working to help change that dynamic. We’re upping the ante on the subject of plan health through MassMutual PlanalyticsSM. This philosophy is applied at the individual and plan levels. It is our belief that data, technology and ease of insight are critical to helping plan sponsors increase the health of retirement plans. This philosophy helps gauge the retirement readiness of workers who participate in 401(k)s and other retirement savings plans sponsored by their employers. Coupled with tools, education and encouragement, MassMutual Planalytics may help you and your employees better prepare for retirement.
Solid retirement planning starts with a realistic benchmark. We believe that you need to be able to replace at least 75 percent of your pre-retirement income at age 67, the age at which most people, born in 1960 or later, will be eligible for full Social Security benefits. Our analyses, which are based on data you provide using our online tool, take into consideration retirement savings such as defined contribution plans and IRAs, and also the availability of Social Security and a defined benefit pension, if applicable.
If your retirement readiness is lagging, we can provide education across multiple touch points, wherever you are most comfortable interacting. Our research and experience supports face-to-face dialogue, as many people are most comfortable with in-person interactions, rather than an exclusively online experience.
While we are encouraged by the difference we see with our clients, we are always looking to improve. We are focused on continuous improvement and investment in the technology infrastructure necessary to capture, analyze and use data to benefit clients and participants. Our approach includes analyzing the market, seeking feedback from clients, and leveraging innovation from other industries to help ensure we can offer a best-in-class experience.
Our ultimate goal is to help as many people as possible retire on their own terms, and our tools and resources are here to assist. To learn how MassMutual Planalytics can help you and your organization or business, please contact a Financial Professional or call us at 1-866-444-2601.