When a rare and positive coincidence occurs, it's oftendescribed as an alignment of the stars. Such an alignment is takingplace with greater frequency in the workplace universe as employersfocus on preparing employees to retire on their own terms byensuring retirement savings and benefits plans work as effectivelyas possible.

Employers are recognizing the need to help employees attainfinancial wellness, especially as more Americans find they cannotafford to retire. Every day, approximately 8,000 Americans reachage 65, according to the U.S. Census Bureau. While 65 is the traditionalretirement age, nearly four in 10 workers say they plan to continueworking longer, the Employee Benefits Research Institute reports, and onein 10 say they expect to never retire.

Now consider that EBRI estimates that 32 million Baby Boomers(ages 50-68) – a population the size of California — are unpreparedfor retirement. Suddenly, the effectiveness ofemployer-sponsored retirement plans in helping employees retire ontheir terms becomes incredibly important. The viability of anemployer's benefits package becomes critical – both to theemployees as well as the employer's financial wellness.

The ability to explain these issues with appropriate metrics andanalysis – particularly at the employer level – has to date beenlacking. It's been difficult if not impossible for many companiesto measure the impact of their retirement and protection benefitson their bottom line. Until now, that is.

The Viability Advisory Group, a unit of MassachusettsMutual Life Insurance Company (MassMutual), has developed apatent-pending analysis program to help companies evaluate theirown hard-dollar cost of under-utilized retirement savings and otheremployee benefits programs. The analysis underscores the underlyingvalue of retirement savings plans and other employee benefits thathelp promote financial wellness, as well as the significant cost tocompanies when employees fail to make the most of them.

Helping prepare employees to retire at age 65 can potentiallysave employers tens of thousands of dollars annually for eachemployee in higher costs for salary and benefits such as healthcare, disability and workers' compensation insurance, according toprojections by Viability. Now imagine the potential savingsif an employer has several employees who are nearing retirement.How about dozens of employees who want to retire but can't affordto stop working? The costs, which vary by employer, can easilymushroom.

Of course, the bottom line does not always tell the entire storyas many older employees are highly valued for their hard-to-replacebusiness and operational knowledge, skills and experience. And manyremain engaged in their work and derive great satisfaction from it,according to a 2014 study by MassMutual. The research indicated that48 percent of retirees who worked longer than they planned did sobecause they simply enjoyed working.

The ultimate goal of the Viability program is to ensure moreemployees can control their own destiny. Both the employee and theemployer benefit when workers are in position to choose when theywant to retire, and that can only happen if they are taking theright steps throughout their working years. Viability is designedto help educate employers on the value of an effective retirementsavings plan and benefits package, enhance overall financialwellness, and help more employees retire on their own terms.

By pinpointing the costs of ineffective retirement and benefitsprograms, benefits brokers and other advisors can help prescribeimprovements. For instance, incorporating automatic enrollment andautomatic escalation provisions in a retirement plan can increaseparticipation in a plan and contribute to greater retirementreadiness. Matching employee contributions can not only incentivizeemployees to save more but also enhance savings and help employeesprepare to retire sooner rather than later.

On the benefits front, helping employees assess their personalfinancial circumstances and needs ultimately helps them prioritizetheir benefits. The inability of many employees to choose benefitsthat make the most sense for their personal situation and budget isa huge problem, bigger than many employers may suspect.

On the surface, most people seemingly have their financial housein order, saying they prioritize understanding their personalfinances (77 percent), having enough medical insurance (74 percent)and being on track to retire comfortably (65 percent), according tothe 2015 MassMutual Employee Benefits Security Study. Yet 38 percent of American workers say they know little ornothing about their employer-provided benefits such as health care,life insurance, 401(k) retirement plans and other benefits. Two infive respondents (42 percent) say they are clueless about whetheror not they are on track to retire comfortably, the studyfound.

So what does an employee's personal financial life have to dowith his or her life on the job? A lot it turns out, because whilemany people assert they do just fine managing their finances, 37percent find doing so “somewhat” or “very difficult” and 40 percentsay personal financial problems are a distraction at work,according to the MassMutual study.

It's the reason why MassMutual introduced MapMyBenefits^SM, a free, online tool thatenables employees to prioritize their benefits choices, making themost of each benefit dollar based on their life stage, financialgoals and personal finances. The holistic approach of providingfinancial education and guidance at the workplace combinesretirement readiness, health care coverage and preparation forlife's unforeseen events. MapMyBenefits is available to employersthrough financial advisors and benefits brokers.

Increasingly, employers are coming to grips with the impact ofpersonal finances on their workforce and are taking steps to make adifference. Financial wellness programs and new financial tools arebeing introduced at the workplace with the goal of helpingemployees better manage their financial lives with less distractionin their work lives.

Financial wellness is fast becoming the buzz in business as morecompanies come to grips with the associated financial liabilitiesof more workers who remain on the job past their traditionalretirement age because they can't afford to retire on their ownterms. It's the perfect alignment between what is in the bestinterest of employees and how that benefits the employer's balancesheet.

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