Boost Retirement Readiness with Automatic Features
The Standard’s research shows that only 33 percent of employees are confident about their level of retirement readiness. Adding automatic features to your retirement plan can help improve retirement outcomes.
Employees say they’d welcome these additions. In fact, 68 percent of employees say they want options like automatic enrollment and automatic deferral rate increases. This support spans generational groups, including:
- 70 percent of Millennials
- 66 percent of Gen Xers
- 64 percent of Baby Boomers
“Employers should consider using a managed account service that offers customized automatic deferral rate increases,” said Chris Dugan, director of retirement plan communications for The Standard. “Even a small increase each year can help make a specific retirement goal a reality.”
Check out our infographic for more information about the study.