HR Helping Employees Prepare for Retirement

Recently I was speaking to a HR practitioner who asked how she and her HR workmates can help employees prepare for retirement. She said, “We review the details of the pension plan and benefits when an employee leaves the company.” “But I think we can do more to better prepare employees for the retirement challenges.”

I congratulated her on asking the question on how best to help. I outlined a several actions in relationship with time, budget, company commitment, and employee interest. The potential actions are:

– Hands-on workshop. Workshops provide attendees with a sharpened understanding of retirement needs and interests, help attendees create a fully integrated retirement life plan to protect time and money, and discover opportunities that add excitement and heightened personal fulfillment.

• Lunch ‘n learn. Presentations highlighting the major topics of retirement including:
o Visualizing retirement
o How much money is enough?
o Developing a balanced leisure lifestyle
o Importance of a health and wellbeing strategy
o Relationships / Finding new friends
o Using legacy to guide actions
o Building and using a bucket list

•Registering employees for a self-directed retirement planning course. For instance, RA Retirement Advisors offers a holistic retirement course with videos, exercises, quizzes, true-to-life cases, real-life examples, and a workbook. https://lnkd.in/gNWGQqM8

•Books on retirement planning. Examples of books are: Retirement: The Ultimate Life Journey and Life after work: Live, Love it! RA Retirement offers an e-book and workbook. https://lnkd.in/gKSdss8J

•Articles. For instance, CANNAV commissioned a series of articles for inclusion in the company’s employee monthly newsletter. Some companies provide websites providing employees with retirement insights. For instance, RA Retirement Advisors provides over 100 insight blogs www.whencaniretire.ca. Examples of insights:
o Holistic Retirement Planning
o An Olympian Approach to Retirement Planning
o The Importance of Purpose in Retirement
o Loneliness, The Silent Killer

•Employee Coaching. Coaching enables the employee (and partner) to accelerate their progress by promoting greater clarity, focus and awareness. Sessions are virtual and/or face-to-face. As an example of coaching, the Agency for Co-Operative Housing offered employees personal coaching for both employees and their partners.

•Training HR staff on retirement including answering commonly asked questions. An example of questions:
o Should my partner and I create a retirement plan as a couple?
o I’m excited but also afraid. Is this normal?
o Are there better times of the year to retire?
o How often should I re-evaluate or redo my plan?

Whatever approach is provided to employees, experience demonstrates such action is very much appreciated. I assured her, I’m willing to help.

Rick Atkinson, Mister Retirement. B. Com, MBA, CHRP, CMC, FDFS