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BUSINESS

of employees working past retirement age, how can you improve they would be more likely to do so if their employer provided a
the situation? Of course, you don't want all your older workers to matching contribution. Given this powerful number, consider
retire at once, and as we discussed earlier, your company and whether your company could start or increase matching retire-
younger employees greatly benefit from older employees' experience ment plan contributions.
and knowledge. Therefore, you want to consider what the best plan • In the same report, 66% of respondents say they'd be more likely
would be for your company. to save if their investments were automatically deducted from
• Establish what you think is the best employee life cycle for spe- their paycheck. Setting up payroll deduction is often free to your
cific departments, groups, and positions. Once you have an idea company, so it's an easy way to encourage employees to save.
of an optimal life cycle, you can work with your management
team to determine plans that would enable older employees to Helping your employees properly prepare for retirement is a re-
occupy positions where they transfer knowledge to younger sponsibility that business owners take seriously, and for good reason.
workers and still retire in time to enjoy their golden years, freeing Remember to take the employee lifecycle into account when decid-
spots for younger workers to learn and grow in their careers. ing on the best way your company can support employees in saving
• Encourage employees to save for retirement through education for retirement. For personalized assistance with your business and
and access to appropriate savings vehicles. retirement planning, consult a financial advisor that specializes in
• According to the Employee Benefit Research Institute, 73% of employer retirement plans, or you can contact me at 210-321-7258
workers who are currently not saving for retirement report that or gcastillo@swbc.com.

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