All too often, retirement planning success is measured purely by financial metrics: savings amounts (15 percent per year), income replacement ratios (75 percent of preretirement income), or withdrawal strategies (4 percent per year). And the most critical part of planning for retirement is forgotten: the plan itself.
Put another way: how can an employee know how much money they’re going to need in retirement if they don’t know what they’re saving for?
Seventy-four percent of 50-59-year-olds have made a serious effort to plan for financial aspects of retirement.¹
Only 35 percent of 50-59-year-olds have made a serious effort to prepare for the emotional aspects of retirement.¹
Visualize Retirement addresses the one planning need that many preretirees don’t even know they have: preparing for the nonfinancial side of retirement.
Three key areas that studies and actual retiree responses, indicate are key drivers of happiness in retirement are:
Workers' Vision for Retirement:¹
- 70% want to travel
- 57% want to spend time with family and friends
- 50% want to pursue hobbies
- 30% say they want to work
Concern About Personal Events:
- 12% Extremely concerned
- 13% Very concerned
- 35% Somewhat concerned
- 11% Extremely concerned
- 20% Very concerned
- 37% Somewhat concerned
- 15% Extremely concerned
- 26% Very concerned
- 40% Somewhat concerned
- 25% Extremely concerned
- 29% Very concerned
- 21% Somewhat concerned
Following almost 1,000 people, a study found that people with "high purpose" were:¹
- 2.4x less likely to be afflicted with Alzheimer's
- Less likely to develop mild cognitive impairment
- Less likely to develop disabilities or die young
Workforce Management Flexibility
Food for thought: Even if widespread workforce management issues are not prevalent, consider the type of employee that may have a difficult time moving on: the “career-minded executive” whose identity is wrapped up in their achievements and stature within the organization.
Long-term Cost Mitigation:
To learn more about the Visualize Retirement program and plan sponsor resources and participant resources associated with it, contact us.
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