This blog has previously discussed the importance of companies ensuring that their payroll and HR systems are able to keep employees fully informed on their options for 401(k) planning. As the baby boomer generation continues to age, businesses would be especially wise to invest in HR software solutions to have comprehensive options available for those workers.
Older married couples are not necessarily in better shape than their single counterparts, according to a report by The Insured Retirement Institute (IRI). The organization found that less than 40 percent of married baby boomers felt confident in attaining financial security upon their retirement.
“Considering that just over half of all Boomer couples have not met with a financial advisor, significant opportunities remain to meet the needs of this key demographic,” IRI president and CEO Cathy Weatherford said. “Previous IRI research has found that those who consult a financial advisor are more confident in having a financially secure retirement. So an important component to boosting retirement confidence among this group is to encourage them to sit with an advisor and map out a holistic plan for a secure retirement.
Even so, the survey also showed that married baby boomers seemed slightly better prepared for retirement, as 82 percent reported that they had “some level of retirement savings,” compared to 66.6 percent of singles.
To that same extent, couples are more likely to have created a savings goal for when they stop working, with 55.7 percent admitting to such a plan, while just 40.8 percent of non-married employees said they had such a goal.
Regardless of employees’ marital status, businesses should ensure that they are able to assist as much as possible in creating financial stability for retirement. Implementing HR systems can go a long way in helping companies design comprehensive retirement options for workers.