Q.What types of benefits packages and other services should employers offer to support and retain employment extenders?

A.One of the most pervasive needs that this group expressed in our research is in education and guidance in the following areas:

Help transitioning to retirement
How to maximize benefit dollars across health and wealth benefits
Estimating income needs in retirement

Our findings suggest that many of the unique needs of employment extenders can be met by benefits and services that employers already offer as part of their benefits packages. Targeted communication on how existing employee benefits can help meet their unique needs may be all that is needed, including such topics as:

Saving in Health Savings Accounts (HSA) to carry over for medical expenses in retirement
Retirement options with guaranteed streams of income work
Putting aside funds in an emergency savings account to maintain retirement savings, even during financial emergencies
Student debt programs that may help those approaching retirement pay down their student debt, which may hinder or even prevent accumulation of retirement savings (At over $45k, 50-to-61-year-old borrowers had the highest average student loan debt.)

The last category of benefits and services that employers can offer to employment extenders is support for caregivers, ranging from support groups and specialized financial planning to online platforms that help employees navigate the administrative tasks of caring for loved ones.

Instant Insights /

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