Encouraging employees to enroll and personally contribute whilematching contributions to retirement accounts is perhaps the mostimportant thing you can do for your employees. (Photo:Getty)
A retirement crisis is looming for millennialsand Gen Xers now that they are taking the baby boomer’s place atthe heart of the U.S. economy. A diminishing social security budgetcombined with a longer life expectancy for younger generations isleading some politicians to call for the full retirement age toincrease from 66 years old to 68 years. Millennials have alsoreported that they are not saving for retirement, instead spendingtheir income on more short-term goals like paying down all of thatstudent loan debt.
The stresses of the retirement crisis have created a climate ofuncertainty and fear around the limited possibility of retiringcomfortably, if at all. According to the U.S. Government Accountability Office, nearlyhalf of all baby boomers approaching retirement have nothing savedin a 401(k) or other individual retirement account.
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