Benefits That Save Retirement

Abstract

Defined contribution plans and other employee benefits may seem like separate issues, but in many ways employee benefits protect retirement savings. It is important for benefit managers to recognize this connection because it offers an excellent gauge for evaluating employee benefits and helps educate employees about the value of the benefits their employer provides. Disability insurance, life insurance, medical and dental insurance and critical illness insurance all play pivotal roles in protecting retirement savings. If a benefit is protecting assets, such as a 401(k), or protecting the employee’s ability to save or recover their ability to save, there is a tangible value in that benefit above and beyond the benefit’s stated purpose. By educating employees about the role benefits play in protecting their retirement, employers will help employees see the value of what they have and take steps to protect their future.