Getting Older: The graying of the American work force
Los Angeles partner Fred Reish's monthly column, "Getting Older" in PLANSPONSOR magazine discusses the fact that Americans are living longer and that employees and married couples who retire at 65, should plan for at least 30 years of retirement living.
Fred notes that 70 or even 72 is the new 65. He believes that this will present a bevy of new issues for employers. Including, making larger 401(k) contributions, automatically enrolling and increasing deferral rates, providing retirement planning services to employees age 50 and older and offering income projections about retirement needs for all employees.
Fred also discusses that even with deferred retirement dates, employees will need additional information such as how much income they will need in retirement. They will need to know how a 401(k) account balance can be used as income for life.
Fred notes that this article is more about asking questions rather than having answers. Questions that employers should start thinking about and working to answer.
The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.
Meet the Authors
