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October kicked off #RetirementSecurityMonth! Retirement Security Month was created as a national event to promote the benefits of saving for retirement and to encourage everyone to participate in the options they have available to them.

We believe every American worker should have retirement financial security. Employer-Sponsored benefits are key to accomplishing that goal. Though most companies offer these benefits, the issue remains in plan participation. Financial Wellness Education can increase participation, boosting the potential for plan participants to have a successful, timely retirement.

We’ve gathered the reasons why a financial wellness program can help:

  • Decreases employees’ financial stress: According to Willis Towers Watson, 39% of struggling employees said money concerns keep them from doing their best at work. A financial wellness program teaches about important topics like improving credit, debt reduction, building savings, and much more. Access to these critical resources/support can decrease the overall stress around finances.
  • Shows the value of participating in your company’s retirement plan: In a recent study from the Bureau of Labor Statistics, only about half of employees participate in a retirement plan at work. When you engaged with a financial wellness program, employees can expect to have their questions answered about how some of the intricacies of retirement programs such as 401(k), 403(b), and IRA’s work to their benefit.
  • Prevents retiring with debt: Financial wellness programs offer tips for participants to adjust their monthly spending plans in order to increase retirement contributions. They also offer budget counsel to help instill a habit of savings that ensures financial stability over the short and long term.
  • Customizes a plan for each person: Every employee’s financial needs and concerns are different. Rather than a one-size-fits-all approach to financial education, the best financial wellness programs tailor their plans to fit the needs of each employee. Having financial resources available year-round and customized specifically to them helps employees feel better served and supported.

Your future comes faster than you think. It’s a good idea to plan for it. Get in touch with our team to learn more about our holistic and unique financial wellness program: https://calendly.com/financial_fitness_4_life

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