Paul’s Perspective:
Understanding retirement savings trends provides business owners and leaders with critical perspective on the financial well-being of their teams, reinforcing the value of workplace financial wellness programs and informed planning for both owners and employees.
Key Points in Article:
- Fewer than 2% of Americans have $1 million or more in retirement savings, according to recent data from leading retirement account providers.
- The median 401(k) balance for Americans aged 65 and older is just over $87,000.
- Retirement readiness is affected by income levels, savings rates, investment knowledge, and access to employer-sponsored plans.
Strategic Actions:
- Assess the current state of retirement savings within your organization or among your peers.
- Encourage early and regular contributions to retirement plans among employees.
- Educate teams on the benefits and options available for retirement planning, such as 401(k) plans and matching contributions.
- Work with financial advisors to create strategies for reaching retirement savings goals.
- Regularly review and adjust retirement plans to reflect changing business and personal goals.
Dive deeper > Full Story:
The Bottom Line:
- Only a small percentage of Americans have $1 million or more saved for retirement.
- This gap highlights the importance of proactive financial planning for business leaders and employees alike.
Ready to Explore More?
We work alongside business owners and their teams to develop better financial planning and retirement strategies for long-term stability. Let’s connect about how our collaborative approach can help your company and your people prepare for a more secure financial future.