How will your company cope with employees transitioning to retirement and the staff who take their places?
Some 72 million Baby Boomers (born between 1946 and 1964) are moving toward retirement. As a nation, we are approaching a time when 50 percent of our population will be age 50 or over for the first time.
This is not a temporary issue, but a bellwether for new programs to support both companies and employees.
Keeping near-term retirees engaged while promoting smooth transitions is key to the post-recession model of retirement readiness. A 2013 Merrill Lynch study noted that “[f]inancial preparation must be in sync with emotional readiness for retirement.” Planning for the idea of retirement assures older workers that the organization values their leadership and experience and can facilitate mentorship relationships between generations as part of the retirement transition. Providing a structured retirement-readiness program for employees not only helps them plan their exit, but share critical company knowledge before leaving. Other benefits may include:
For the Employer
- Helps transfer knowledge and critical skills to younger employees
- Supports greater productivity for both the retiring employee and the younger employees
- Maintains a critical edge in attracting new employees and maintaining current employees
- Promotes a positive relationship with upcoming retirees
For the Employee
- Enhanced health, less potential burn out
- Better present-day focus and greater productivity
- A written plan that supports conscious choices
- Greater confidence regarding retirement decisions
- Greater sense of purpose and legacy
MSEC will offer the Mapping Your Retirement program, which will focus on key transition topics for the journey, preparing employees in three topic areas:
- Maintaining Your Health: provides information and worksheets to help you get and stay healthy.
- Managing Your Money: helps you evaluate financial situations before and during retirement to support you.
- Living Your Life: helps you examine what is important to you and how you want to live.
Each chapter contains valuable information, resources, and worksheets to help readers create their personal retirement plan, write it down, discuss it with others, and take action. Call 800.884.1328 for more information.