With the decline in stock and home values many employees find themselves unable to retire at their normal retirement age and are expecting to stay on the job longer. The question of “when” your employees will retire has changed to “if” your employees retire.
Many corporations and government entities have begun to calculate the impact an aging workforce will have on their budgets and the opportunities that may or may not be made available to their younger employees. What will be the impact to your organization when roles are redefined to adapt to an aging workforce and career advancement is diminished for your middle aged employees?
What should you do?
The first step is to know how many of your employees are on track to retire. This is an issue that you still have time to impact and thought leaders are taking action to educate and encourage their employees to prepare to move off of their payroll at their normal retirement age.
CLICK HERE to access the Aon Consulting’s 2008 Replacement Ratio Study™ to learn more about how your employees will replace their paycheck in retirement. Also, contact me if you want to know how many employees are on track to maintain their lifestyle after retirement and how you can optimize your plan design to impact those that are not on track.
Michele L. Suriano, QPFC, TGPC, AIF®