According to a 2021 study, about 70% of Americans believe the country is facing a retirement crisis.
With the lack of access to retirement plans, Social Security’s projected insolvency, the COVID-19 pandemic, and so on, many Americans face a difficult retirement.
When preparing for retirement it’s helpful to know what you’re up against. Saveday’s mission is to help surpass these challenges, making a safe and prosperous retirement attainable for everyone.
What are Employees up Against?
- Limited access to employer-sponsored retirement plans
About 57 million private-sector workers (46%) do not have access to a company-sponsored retirement plan. Retirement plan access disparities are unequally distributed, disproportionate and greatly affecting small business owners, lower-wage workers, younger workers, minorities, and women.
- Economic security in retirement
More than half (56%) of workers are anxious that they will not be able to afford a comfortable retirement. Some 68% say the ordinary worker cannot save enough money on their own to ensure a safe retirement. And 65% believe they will have to work past retirement age in order to save enough money for retirement.
- Projected Social Security cuts
Many people are anticipating receiving a portion or all of their retirement income through Social Security. Unfortunately, this entitlement program is projected to be insolvent by 2033. This will result in significant cuts to future financial benefits.
How Saveday is Solving the Retirement Crisis
Americans focus on the wrong aspects of retirement. It’s not just about access to retirement plans. Nor is it about mandating participation in these plans. It’s really about ensuring that they have the financial education and the right tools to save in the first place.
Millions of employers and employees are being taken advantage of by the excessive, hidden fees that every other 401(k) provider charges. How are we ever going to solve the retirement crisis if all anyone prioritizes is making money off of these employers and participants? Especially the participants struggling to build a reliable nest egg?
Saveday raises awareness to properly address Americans’ worries about retirement security. How? By improving long-term financial wellness and providing the appropriate incentives to do so.
A multitude of employers and employees are switching and have switched to Saveday. Doing so is saving them thousands of dollars in the process in two ways. Firstly, by eliminating all employer costs. Secondly, by keeping employees’ fees at the industry’s lowest asset fee of 0.35%. Not to mention the additional fiduciary guidance and reporting, again at no cost.
Retirement plans with Saveday are easy to set up, easy to use and easy to invest in – we can show you how. Contact us to see how easy and cost-effective it is to protect your workers’ financial futures.
