When Should Your Employees Start Saving For Retirement?
Did you know that financially prepared employees report being 22% more engaged and motivated than those who are struggling financially?
The answer to when your employees should start saving for retirement is simple: as soon as they can. Ideally, they would have started to save in their 20s when they joined the workforce. The sooner they start saving, the more time their money will have to grow and the compounding gains from each year’s savings will become a powerful wealth-builder for them to tap into when they are ready to retire.
Delaying saving for retirement, however, is not uncommon. There are always more pressing financial obligations such as saving for a wedding, a down payment on a house, a baby, college tuition, and so on. Instead of accommodating this type of financial procrastination that could have devastating consequences for your employees’ lives, you can do your part by helping them to save.
About Group Retirement Savings Plans
One way to help your employees save for retirement is to invest in a group retirement savings plan (GRSP) from Bensol. This group retirement is a simple way for you to give your workers a way to save money for their retirement and employees will benefit from low fees and immediate tax savings through payroll deductions.
With as few as 2 employees and annual contributions of at least $10,000, Bensol can help you set up a plan. Our GRSPs are easy to administer and track with online tools and support. In addition, it offers your employees the following benefits:
Investment management fees on contributions are typically lower than what individual employees can get on their own.
Employees experience immediate tax savings when their contributions are made through payroll deduction. Bonus!
Online tools help employees gain a better understanding of their retirement goals, manage their account, and watch their savings grow.
Stand apart from your competition and attract and retain the best talent in the industry with a solid GRSP. Contact us to learn more about retirement benefits for your employees.