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Thayer Partners Blog

How a Financial Planner Can Help You & Your Employees with Retirement

[fa icon="calendar"] Jun 15, 2016 9:00:00 AM / by Chris Wilmerding

Chris Wilmerding

How_a_Financial_Planner_Can_Help_You__Your_Employees_With_Retirement.jpgManaging your income while you're still working is a challenge in itself, so it can be quite daunting to start preparing for retirement. Portfolio management is extremely complex, and your employees need the guidance of a trusted professional to reach their retirement goals.

Experienced financial planners have the expertise you and your employees need to feel more confident about your impending retirement. Whether you're 33 or 63, it's never too early or too late to start planning for retirement. Additionally, a experienced financial planner can help you serve your employees by managing a low cost and compliant 401k plans, provide one on one retirement planning advice, and conduct employee education meetings covering essential wealth management and financial planning strategies.

There is no right or wrong way to plan for retirement, and every single person has specific needs when it comes to wealth management. Here are just three of the many ways that an experienced financial planner can help you and your employees properly prepare for retirement.

1. Low-Risk Retirement Strategies

According to a survey by Americans for Secure Retirement, about 88% of Americans are worried about “maintaining a comfortable standard of living in retirement,” which is up from 73% in 2010. The economy has rebounded, but workers desire safe wealth management plans now more than ever before. As the Employee Benefit Research Institute noted, approximately 46% of all American workers have less than $10,000 saved for retirement and 29% of all American workers have less than $1,000 saved for retirement. If you or your employees are worried about your long-term financial status, a financial planner can design and implement strategies that will help employees prepare for a comfortable and secure retirement.

2. 401k Plans

Employer sponsored retirement plans play a major role in preparing for retirement, specifically when it comes to 401k plans. According to the U.S. Department of Labor, there are 638,390 defined contribution retirement plans in the U.S. (513,000 of which are 401(k) plans), covering more than 88 million total participants. These plans are ideal for small and middle market businesses with employees who desire a cost-effective retirement plan.

3. Individual Retirement Planning Meetings for your Employees

Some employers have their 401K plan advisors offer individual retirement planning to their employees each year. This is a popular and high value employee benefit because it is free (or rather included in the retirement plan fees). Offering your employees an opportunity to meet with a retirement planner one-on-one every year helps reduce stress by responding to the specific concerns of the employee. Are they saving enough? What do they do about saving for college? How do they handle credit card debt? How do they recover from a prolonged divorce? These are all highly personal questions that affect employee performance and workplace satisfaction and are not likely to be addressed in the usual annual 401k employee education meeting.

Wealth management is not something that you can master overnight, which is why it's so important to seek guidance from professionals. Get in touch with an experienced financial planner and learn how you can help your employees—and yourself—prepare for a comfortable retirement.

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Topics: Financial Planning

Chris Wilmerding

Written by Chris Wilmerding

Chris Wilmerding is Principal of Thayer Partners, an independent investment management firm located in Westwood, MA providing financial planning and wealth management counsel to individuals and their families.

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