Is Your Employer Helping You With Retirement Planning?

In recent years, you may have noticed your employer offering “financial wellness” services as part of their benefits package. These services are usually centered around retirement benefits, life insurance plans, and–more commonly among big companies–wealth management tools/resources. Financial wellness resources can include a number of offerings, including: retirement planning advice, financial planning services, debt management, and banking services (usually in the form of a credit union). You will most likely find that the bigger the employer, the more diverse the offerings. However, thanks to advancements in financial planning and modeling technology over the past decade, more and more employers are finding it feasible to offer financial wellness services, even if only on a limited basis. Furthermore, retirement advisory firms that service corporate clients are working these technologies into their services, which in turn is available to corporate clients and their employees. Now, some may be wary about involving employer resources in the managing of their finances, but that doesn’t mean you should write off such services. They can be very helpful, especially if you are working on a budget and don’t want to hire a certified financial planner or if you know what you want to do, but have a few questions. Most financial wellness offerings are not required and you can pick and choose what you want to use. Employers realize that they need to do more to help employees plan for the future and save for retirement and now they can. Does your employer offer financial wellness benefits and do you take advantage of them?