Retirement Benefits

Many businesses, including insurance firms, have had to reshape employee benefits due to the current economic turmoil. However, how much can be cut on vital plans such as retirement before employers become fed up and get out? A proper retirement plan should attract new employers and preserve current workers, all without major risk to the company, which is very much a balancing act. Nonetheless, businesses should not let retirement plans slip by, as this is a vital part to employee benefits.

According to the 12th annual survey from the Transamerica Center for Retirement Studies, thirty-nine percent of American workers plan to retire after age 70 or don’t plan to retire at all. For the sixty-one percent whose plans are to retire before 70, a solid retirement plan is going to be high up on the list of necessary benefits in an employer. For those who plan on retiring later or not at all, a good retirement plan may not mean much; given circumstances don’t change and things remain the same.

Unexpected changes may force some into retirement though, which is less stressful when the employee knows they can rely on their benefits to protect them in changing and potentially rough times.