5 Reasons employers should consider implementing retirement income solutions: Infograph

 

 

 

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Text representation of infographic (for screen reader accessibility):

1. Employees are asking employers for help. 79% of working Americans trust retirement planning services and education offered by their employer.1

2. Keeping retiree assets in the DC plan helps to manage costs and allows for economies of scale. 63% of assets in 401(k) plans are owned by participants age 50 or over.2

3. Employees who don't feel confident about managing their retirement assets often delay retirement, which may increase bottom line employer costs. $51,000 is the average employer cost of delayed retirement per employee.3

4. Employees who lack confidence in their own retirement plan and preparedness suffer financial stress, which can negatively affect employee performance. 43% of employees say financial worries have been a disraction at work.4

5. Expanded retirement benefits help employers attract and retain skilled workers across all ages. 48% of employees say they are more likely to stay with their employer if they are offered retirement income help.5

Products and services offered through the Voya® family of companies.

1 Based on results of a Voya Financial survey conducted through AYTM—Ask Your Target Market online research platform between Jan. 18–26, 2021, among n=750 Americans age 18 or over who are full-time employees and actively contributing to their employer-sponsored retirement plan, balanced by age and gender to reflect the U.S. population.

2 Employee Benefit Research Institute (EBRI); https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_526_401kxsec.4mar21.pdf?sfvrsn=80823a2f_6

3 Voya Internal Data. Assumptions: An incremental aggregate cost of $51,000 for every individual whose retirement is delayed by three years. This cost is estimated assuming that a 65-year-old employee is not replaced by a midcareer employee for three additional years, and assumes a flat 31% cost of benefits as per Bureau of Labor average; https://www.bls.gov/news.release/)

4 PwC Employee Financial Wellness Survey, 2018

5 Based on results of a Voya Financial survey conducted through AYTM—Ask Your Target Market online research platform between Jan. 18–26, 2021, among n=750 Americans age 18 or over who are full-time employees and actively contributing to their employer-sponsored retirement plan, balanced by age and gender to reflect the U.S. population.

 

 

 

 


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