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How Workers Can Reduce Debts While Planning for Retirement

Everyone should try to reduce their debts while planning for retirement. If you’ve reached middle age with little or no savings, you still have some creative options -- especially if your employer will help with your retirement planning. Many employers who value their workers are often willing to provide this type of assistance which can help employees pay off added debts in the short run. In fact, many of America's top companies realize that it can help them attract and retain the best employees by offering such services.

            There are many different ways that employers can make a worker’s transition into retirement simpler and cost effective. If you'll review some of the following suggestions, you can ask your employer if any or all of these services are currently available. Should you be an employer, check to see if you can start offering more of these benefits. (Most of the following suggestions are set forth in the January 14, 2014 issue of Investor’s Business Daily in an article entitled “Retirement Preparation.”)

Ways to Help Save Employees Money As They Plan for Retirement

  • See if your company is currently offering seminars to employees on how to make better use of your 401(k) plan.  Many employees, especially newer ones, find these programs very confusing. Be aware that once workers begin making such investments, they often become much more interested in remaining with a company for years to come – as opposed to constantly looking for more lucrative salaries elsewhere;
  • Minimize the investment fees you’re charging your employees for each type of retirement account. If you try to profit too much from these plans, your employees may start looking for better offers elsewhere. Be aware that by offering lower fees, you're helping your employees pay off outside debts quicker with the added income, allowing them to enter their retirement years with more savings;
  • Consider making investment advisors available to employees for free. Some corporations offers conflict-free investment advice via (company paid) advisors who are on call throughout each work day;
  • Give thought to using automatic enrollment plans to maximize participation in your 401(k) (and/or other retirement investment) programs. Likewise, decide if you should encourage your employees to increase the size of their annual deposits into these plans by automatically escalating their monthly contributions each year;
  • Offer numerous seminars to your employees featuring “live” speakers throughout the year – people who can make presentations and respond to key questions. Also, consider providing “webinars” that can make such programs available to your employees at times of the day that best suit their individual schedules.

 

By following all of this advice, employees stand a better chance of entering their retirement years with fewer debts and maximum benefits waiting for them in their various retirement accounts.

If you believe that you’re a victim of any abusive debt collection practices, contact the Law Offices of Georgia consumer protection attorney Shane Smith so that you can learn more about your rights under federal and state consumer protection statutes. Call (770) 487-8999 today to schedule your free initial consultation.


Shane Smith
Advocate for the Seriously Injured in Georgia