Savings2Income Responds to Article Regarding Employee Retirement

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Following a survey of U.S. employers which found that financial wellness for retirees is a top priority for many U.S. businesses, Jerry Golden of Savings2Income offers advice.

On January 24, Savings2Income responds to an article by Rob Kozlowski concerning a survey from the firm Aon Hewitt which reviews several different U.S. employers in relation to retirement finance.

“86 [percent] of plan sponsors intend to communicate the concept of retirement adequacy to participants,” states a recent article, titled “Plans to Focus on Employees' Retirement Readiness”, from Pensions & Investments. The survey included more than 425 U.S. employers, and represented more than 11 million employees. According to the article, 99 percent of the companies offer a defined contribution plan to new employees, and 24 percent offer new employees a defined benefit plan. 84 percent of that group plans to continue in 2013 with their open plan as it is, reports the article.

An interesting statistic from the survey is that “eighty percent of plan sponsors are looking to use enhanced communication, mobile apps, online tools and other resources as part of the focus on financial well-being.”

According to Jerry Golden, developer of Savings2Income planning method, “We applaud the approach of plan sponsors educating their employees, who for the most part do not have access to good retirement advice.”

However, plan sponsors could do a better job helping employees make the critical planning decisions about converting their 401(k) savings into income. Whether it be in planning tools, product solutions, or both, plan sponsors and their consultants have the resources to do a better job here than the individual employee can do on his or her own.

“We understand plan sponsors may not want to assume a “liability” post retirement, but there should be a way to help employees with this critical step in turning their savings into the personal pension they need."

An innovative planning method that was created by Jerry Golden to benefit those recent retirees and those soon to retire called Savings2Income, seeks to provide a clear path to retirement security, and incorporates qualified savings, personal retirement savings and Social Security into an integrated solution.


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Chris Spring

John Mulqueen
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