Millennials Planning for Retirement
During the first half of 2014 millennials (born early 1980s to early 2000s) were the largest group to sign up for their employer 401k plan. This could be due to a variety of factors, but regardless – it is clear that now is a strategic time for companies to revisit their defined contribution plans. Due to the influx of younger employees entering the workforce, companies may benefit from re-evaluating their 401(k) plan offering, to also serve the needs and interests of this younger generation. Here are a few ways to incorporate millennial investors in your plan:
- Ensure that millennials are engaged with the plan offerings, by adding a millennial to your investment committee.
- Connect them with an investment advisor that they can meet with in a variety of methods including group meetings, in-person meetings, Skype or FaceTime calls, Facebook, Twitter, etc.
- Educate millennials about the value of investing in their retirement at an early age.
Contact Delap to learn more about how to help millennials and all your employees strengthen their retirement savings and knowledge!