Encouraging employees to enroll and personally contribute while matching contributions to retirement accounts is perhaps the most important thing you can do for your employees. (Photo: Getty)

A retirement crisis is looming for millennials and Gen Xers now that they are taking the baby boomer’s place at the heart of the U.S. economy. A diminishing social security budget combined with a longer life expectancy for younger generations is leading some politicians to call for the full retirement age to increase from 66 years old to 68 years. Millennials have also reported that they are not saving for retirement, instead spending their income on more short-term goals like paying down all of that student loan debt.

The stresses of the retirement crisis have created a climate of uncertainty and fear around the limited possibility of retiring comfortably, if at all. According to the U.S. Government Accountability Office, nearly half of all baby boomers approaching retirement have nothing saved in a 401(k) or other individual retirement account.

Related: 10 states with the most workers lacking access to retirement plans