Employers: Help Employees Prepare for Retirement!

The statistics are bold, broad and scary! 

  • 10 – 15% of jobs at risk of elimination due to AI
  • 50 – 55% of jobs will be heavily reshaped
  • Over 50% of older workers (50+) will have jobs altered or affected by AI
  • 64% of workers over the age of 50 believe they face age discrimination

It’s time to help employees, especially those 50+, prepare for possible retirement.  Though preparation makes logical sense, facts show a different story:

  • 46% of workers feel financially unprepared
  • Over 50% feel they are unready for life after work

Employer Actions

What actions can be provided to help employees bolster their self-confidence and adjust their mind-set to possible retirement?

Easy:

  1. Provide books and articles on retirement planning. For example, Lincoln Electric provides books to employees including Strategies for Retiring Right! by Rick Atkinson. CANNAV commissioned a series of articles for inclusion in the employee monthly newsletter.
  • Lunch ‘n Learns.  Presentations highlighting the major topics of retirement including, visualizing; addressing the question “How much is enough?”; how to develop a balanced leisure lifestyle; changing relationships; using legacy as a guide.

Advanced commitment:

  1. Hands-on workshops. Workshops designed to sharpen understanding of retirement needs and interests, help attendees create a fully integrated retirement life plan, and help attendees find opportunities that add excitement and heighten personal fulfillment.  Example: City of Lethbridge.
  • Employee coaching. Enabling employees (and partner) accelerate progress by promoting greater clarity, focus, and awareness. Sessions virtual and/or face-to-face.  Example: Agency for Co-Operative Housing.
  • Training HR staff. Preparing HR to answer commonly asked questions including, “Should my partner and I create a retirement as a couple?” “Are there better times of year to retire?” “How often should I re-evaluate or redo my plan?”

Whatever approach is provided, experience demonstrates such action is much appreciated and empowering.