More and more employer are starting to see the value of employee benefits, yet a new study from Transamerica Center for Retirement Studies show that the greatest challenge employees face is moving from their job into retirement – and employers have failed to help with this challenge. Group benefits are offered by large and small companies, unfortunately the lack of education and strategic implementation that business owners can implement. This article will cover several ways that your business can offer strategic benefits which will work for your business.
Strategy 1: Life Insurance Retirement Plans
According to “The Current State of Retirement: A Compendium of Findings About American Retirees”, Employers have failed to provide the proper group benefits. Life insurance retirement plans are a great and affordable way to educate employees on a simple tax-effective retirement strategy. Since these plans can be structured to be 100% voluntary, your business can implement proper strategic benefits to increase worker productivity and retention without increasing costs.
Strategy 2: Employee Benefits Educational Seminars
Did you know that only 45% of retirees say that they have fully recovered or were not impacted by the financial crisis in 2008? Employers can capitalize on these remaining 55% of employees by implementing Retirement Plans in their Group Benefits. Employee benefits have failed to consider the retirement aspect, as a result most employers do not implement this strategic benefit which can potentially benefit both business owners and their employees. Business Benefit plans such as 401k Plans, Simple IRA plans, and Key Man Insurance plans can be structured to prepare employees in transitioning into these next steps of their life.
Your Next Steps:
Most employers are missing on this grand opportunity to help their employees thus you can capitalize on this unseen challenge. Contact your broker and review your benefit plan and ensure you are offering the proper Retirement Strategic Benefits.
Keywords: Life Insurance Retirement Plans, Employee Benefits, Business Benefits, Strategic Benefits, Group Benefits