If your employees have ever played cards collecting on a winner take all strategy, like a pension plan, it is like winning the lottery. While the majority of private sector companies have abandoned the “old school” pension plan in favor of a voluntary 401k, there are still millions of workers who will be relying on a pension for retirement income in their golden years. The problem with most pensioned employees is that they rely on their pension like millennials rely on google maps.
“Play the cards right” means preparing employees to save for retirement as if a pension doesn’t exist. When employees have an additional retirement plan that will cover normal expenses, an extra monthly pension check can be used to fund whatever rolls, floats or travels. Like taking a last minute flight to a favorite sporting event or eating at the nicest restaurants and reading the menu from left-to-right, instead of right-to-left.
3 Things To Consider For Your Employees
- Pensions are not immune to failure.
- Pensions are actually a pay cut.
- Social Security is not a winning strategy for retirement income.
Made For Independence.
Pensions and social security terms are basically used as synonyms. It’s as if there is little control over what retirement will look like without them and is solely based upon what is pre-determined assumption for a 30 year work history. Here are 3 ideas to add to your benefit toolkit.
- Retirement can be so much more than what a pension and social security options have portioned out for use.
- It’s possible to acquire wealth outside of a pension option, without dependence on a pre-determined assumption with a savings plan.
- Create a world of opportunity by becoming financially free to live out dreams with an independent strategy to save and take advantage of what credit unions can provide in exclusive higher yielding deposits. These benefits are readily available for your employees.
There’s no better place or plan than to consider the deposit options that can work with an employee retirement savings plan, no matter age or income, than a credit union. As an industry partner to manufacturing, MTC Federal works to take the pinch out of pension plans with deposit services built to go the distance. Don’t let your employees leave saving options with dependable rates and big returns on the table.
For more information about deposit strategy for employer groups, contact your MTC Federal Representative at 800/442-7792 ext. 3420 or email firstname.lastname@example.org.
Resources: The Money Man and US Money.