By Jennifer Norr, vice president, customer marketing, CUNA Mutual Group
By now, you’ve probably heard the shocking numbers behind the retirement crisis. One-third of Americans have $1,000 or less saved for retirement, and nearly one in two Americans anticipate they will not have enough money to retire. Luckily, retirement education and planning are now receiving much stronger government support. The National Association of Government Defined Contribution Administrators (NAGDCA) announced in October that the U.S. Senate unanimously approved a bipartisan resolution, S. Res. 654, supporting the goals and ideals of National Retirement Security Week (NRSW).
NRSW is a national effort to raise public awareness about the importance of saving for retirement. It is held annually during the third week of October. The Senate first passed a resolution for NRSW in 2006 at NAGDCA’s request and has supported the initiative every year since. Securing passage of the NRSW resolution by the Senate was one of NAGDCA’s top legislative priorities for 2018.
In the resolution, the Senate calls on states, local governments, school districts, universities, nonprofit organizations, businesses, and others to observe NRSW, “with appropriate programs and activities, with the goal of increasing the retirement savings and personal financial literacy of all people in the United States, thereby enhancing the retirement security of the people of the United States.”
Why is this important?
Traditional pension plan and Social Security benefits have long been the backbone of most workers’ incomes in retirement. However, many financial experts agree that pensions and Social Security may not provide enough post-retirement income. Longer life spans and rising costs, especially for health care, have changed the retirement outlook for many workers. NRSW provides an opportunity for plan sponsors to share resources with participants about their retirement options.
To this end, NAGDCA continues to develop and promote free, ready-to-use communication materials for plan sponsors to use with their employees, and employees can share with their family and friends. This year, NAGDCA’s “Your Whole Story” NRSW campaign and new Retirement Garden Edition video series applied “behaviorally effective” communication techniques to engage participants in becoming aware of their role in preparing for retirement.
Take advantage of this award-winning campaign!
If you missed 2018’s NRSW campaign, you can still utilize its resources as a channel to promote strong retirement saving strategies with your employees year-round.
“Your Whole Story” materials can be accessed any time, used generically, or customized and implemented in digital or printed form. Additionally, the Retirement Garden Edition video series addresses retirement savings considerations for employees early, mid, and late-career.
There is no question that retirement security is good for Americans, employers, and our nation as a whole. By supporting this initiative, you can provide employees with the information they need to become adequately prepared for a secure retirement.