It’s almost time for National Save for Retirement Week 2015 and, although the week doesn’t technically start until October 18, some firms are jumping on the opportunity to get participants thinking about retirement. Before we look at what firms are doing, let’s review how the week came to be.
In 2006, Senators Gordon Smith and Kent Conrad recognized the need for greater retirement savings knowledge and employer-sponsored retirement plan participation. The two introduced a resolution in August 2006 to Congress designating October 22-28, 2006 as “National Save for Retirement Week.” The resolution was agreed upon in September 2006, after a unanimous senate vote. The resolution highlights the rising costs of retirement, sole dependence on Social Security and lack of awareness or failure to take advantage of employer-sponsored plans as major obstacles for retirement saving. Since 2006, the U.S. Senate has designated the third week of October as National Save for Retirement Week, encouraging businesses, among other entities, to provide programs, activities and resources to inspire retirement saving.
We’re shining a spotlight on five Retirement Plan Monitor and Annuity Monitor firms that are already getting into the spirit of the week:
MassMutual – The firm got a very early start with a blog post back in July that discussed the week and requested that readers share their retirement-related questions in a poll. The top five most common retirement questions will be answered on the blog throughout National Save for Retirement Week.
Empower Retirement – The Participant Login page features a link to a sitelet fully dedicated to the week. The sitelet offers statistics, articles, saving tips and questions to ask oneself. Resources are organized across five pages, three of which provide tips based on life-stage: Just Getting Started: You’re Worth It, Midcareer: Balancing Act and Almost There: Rock the Clock.
Empower National Save for Retirement Week Sitelet – Home (Truncated)
Nationwide – The firm is offering a National Save for Retirement Week page that, although tricky to locate, provides useful links to a Peer Comparison Tool and the On Your Side Interactive Retirement Planner. The page also encourages users to speak with an advisor to take action.
Lincoln Financial Group – An image on the firm’s public homepage links to a National Save for Retirement Week page offering a brief history of the week, tips to bolster retirement savings, a video and links to helpful tools such as the Contribution Planner and Retirement Planner.
Lincoln Financial Group National Save for Retirement Week Banner Image
VALIC – A News piece directed at plan sponsors outlines the goals of National Save for Retirement Week, encourages use of the firm’s customizable materials for employees and states how the firm can help with communication materials to promote the week.