USICG Employee Learning Station

November 2023: Budgeting for the holiday season

Are you feeling it yet — the holiday spirit that leads you to buy, buy, buy? What many consider to be the most wonderful time of the year can also be the most expensive. It’s easy to get caught up in a whirlwind of shopping and spend a lot more money than you intended. Click here to share this article with your employees to help them create — and stick to — a holiday spending plan.

Will your employees’ retirement outlast their savings?

Whether someone is 25 or 55, it is vital to seriously consider a proper saving plan to allow for a comfortable and financially secure life after retirement. We understand it can be tempting to put saving for retirement on the back burner when there are other top-of-mind financial concerns like paying down existing debt, lack of emergency savings and inability to meet monthly expenses. But the longer your employees put off planning for your future, the farther they will fall behind. It’s never too late to start!

Invite your employees to join our upcoming pre-retirement planning seminars

Session 1 - Retirement Income: Planning for your future

Thursday, October 12th

Session 2 - Transforming Social Security into a winning retirement strategy

Thursday, October 26th

Session 3 - Is Long Term Care insurance something you should consider?

Thursday, November 9th

Session 4 - Understanding Medicare basics

Thursday, November 16th

Session 5 - Managing the transition to retirement

Thursday, December 14th

To be financially ready to retire, employees should SAVE ABOUT 11 TIMES their pre-retirement salary by age 65.*

Help your employees plan for retirement

We at USI Consulting Group (USICG) have a robust library of retirement and investment resources to help educate and assist retirement plan participants in managing their retirement accounts and setting a plan to reach their post-work life goals.

With the right strategy, your employees can help make sure their retirement savings last.

Simple steps employees can take to reach their retirement goals and the future they deserve.

If employees can’t tackle their short-term goals, they won’t be able to start thinking about retirement.

Key considerations when retiring to ensure financial security through the years ahead.

Saving and Investing
When it comes to saving for retirement, time can be one of your greatest allies. Learn about the importance of saving, and how to build a personal investment strategy based on your time horizon and risk tolerance.

Learn more about saving and investing

Mutual Funds
Understanding the investment options in your retirement plan may seem confusing, but it doesn’t have to be. Learn about stocks, bonds and cash equivalents and the risks associated with these types of investments.

Learn more about mutual funds

Investing for Women
Women face unique barriers when it comes to money. Some challenges include the gender pay gap and the demands of childcare. Learn about the myths and facts related to women and investing today, and why it is so important for women to have a retirement savings plan in place.

Learn more about investing for women

Volatile Market

Staying focused on your retirement goals in a volatile market can be challenging. Learn the basic strategies used to help protect your assets during volatile times in the market.

Learn more about a volatile market

Roth Savings
Your retirement plan may offer investment flexibility that allow you to contribute multiple ways into your account. Learn the differences between pre-tax savings and Roth after-tax savings, and who should consider the Roth savings option.

Learn more about Roth savings

Plan Loans
Planning for retirement is not only about what you put into your account, but also about when you take money out. Learn about the pros and cons from taking a loan from your retirement plan account, and the questions you should consider before taking a loan.

Learn more about plan loans

Leverage these resources to help your employees understand the importance of preparing for retirement and ensure they are participating in their employer-sponsored retirement plan and saving for their future!

Source: Lincoln Financial Group’s 2020 Consumer Sentiment Tracker Study

Why should employers care?

A key component of achieving financial wellness in the workplace is making sure your employees are financially prepared to retire. Employers have begun to focus on employee financial wellness to better understand the barriers employees face in saving for retirement. If employees aren’t able to tackle their short-term goals (i.e., pay down debt, establish emergency savings, afford healthcare), they won’t be able to start to think about retirement.

Your employees may not be speaking up and requesting help, but they need a financial well-being program that does more than offer online retirement income calculators or sessions with investment specialists. Employees need a financial well-being program that helps them improve their ability to live within a budget, reduce debt and save for the future.

Helping employees improve their retirement readiness can also help mitigate the projected economic costs to your business. Our article, Is Delayed Retirement Impacting Your Bottom Line?, reports that employers spend more than $50,000 per employee each year an employee delays retirement. A workforce that is financially unprepared to retire can impact businesses in a wide variety of ways, including potentially higher labor costs, increased health care premiums and lower productivity due to financial stress.

How USICG Can Help You

USI Consulting Group has been helping employers enable their workforces to successfully plan and invest for retirement for over 45 years. To learn more about USICG’s solutions and how we can help you improve your employees’ financial security and retirement readiness, contact your USICG Account Manager or reach out to us at information@usicg.com.

* Source: T. Rowe Price, February 2023.