They want it. You Have it. Part 5

By Alan Gross

“8 in 10 people would appreciate employer help in calculating the income they’ll need for a secure retirement.”1

The statement “8 in 10 people would appreciate employer help in calculating the income they’ll need for a secure retirement.” from EBRI’s “2020 Retirement Confidence Survey Summary Report” says several important things:

  1. Most people recognize that they don’t know how much they’ll need for a secure retirement.
  2. They are not confident in calculating this critical value on their own.
  3. They see their employer as a primary source of information and guidance about retirement.

And we know that projecting a person’s retirement funding goal requires more than extrapolating current savings and expenses. A personalized projection needs to consider many data points including:

  • Age (years to earn and save)
  • Desired age of retirement (years to compound and grow)
  • Income (growth and return projections)
  • Contribution rate (both pre-tax and Roth)
  • Employer Match (to maximize potential)
  • Gender (to reflect mortality tables)
  • Savings (including outside of retirement plan and spousal savings)
  • Residency (to consider state taxes in retirement)
Man and Women calculating the income they want for a secure retirement

iJoin calculates and projects each user’s retirement funding goal and how they are progressing towards this goal every time they log in. Let’s give that “8 in 10” the help they really need.

 

Make this actionable:

  1. Incorporate these iJoin themes into your outreach.
  2. Demo these features to industry partners and clients.
  3. Take advantage of the  iJoin Partner Marketing  videos and collateral.

Reach out to learn more about how to put the power of iJoin to work for you.

“They want it. You have it.” is our new series of posts that speak directly to challenges like this and shares actionable steps you can take as a professional partner to positively affect outcomes.

In Case You Missed It:

Part 1: “6 in 10 people say that preparing for retirement makes them feel stressed,1read it here.

Part 2: “27% of workers are very confident they will have enough for a comfortable retirement,1read it here

Part 3: “9 in 10 retirees rely on Social Security as a source of income in retirement, 1read it here

Part 4: ““48% of workers have tried to calculate how much money they will need to live comfortably in retirement, 1read it here

Alan Gross is president of GSM Marketing, a marketing partner to iJoin and other leading organizations aligned to the shared goal of producing better retirement plan outcomes. 

1 Source: EBRI – 2020 Retirement Confidence Survey Summary Report