This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

ADP Offers Ways To Engage Generation X And Y Workers In Retirement Planning In Support Of National Save For Retirement Week

Stocks in this article: ADP

ROSELAND, N.J., Oct. 23, 2013 /PRNewswire/ -- In support of National Save for Retirement Week,  ADP ®, a leading global provider of Human Capital Management (HCM) solutions, offers tips to help small and midsized business owners engage Generation X (employees between ages 30-50) and Generation Y (employees under age 30) to help raise awareness about retirement savings.  ADP also shares pointers younger employees can take to get their retirement planning on track for the future.

According to the Employee Benefit Research Institute's (EBRI) 2013 Retirement Confidence Survey, only 13 percent of Americans are "very confident" about their retirement planning.  The study also showed that 75 percent of workers between the ages 25-34 have accumulated less than $25,000 in total savings and investments.  

"Generation X and Y workers know they need to plan for retirement, but often don't feel confident in their ability to do so," said Chris Augelli, vice president, product marketing and business development at ADP Retirement Services.  "These younger generations are looking for assistance in meeting retirement savings challenges.  Employers who can provide them with the tools, guidance, and investments to help them successfully plan for their future can significantly boost employee recruitment and retention, and improve overall morale within their businesses."

Tips for Employers: To best engage with Generation X and Y employees, employers should remember these tips when helping with their retirement planning:

  • Speak Their Language – Technology has reshaped the way younger generations communicate.  Use modern communication channels to inform employees about the importance of having a retirement savings strategy by creating blogs or social media forums for employee benefits programs, and consider communicating with employees via text message.
  • Offer Automatic Options – Using technology to simplify the process can help Generation X and Y employees maximize the benefit of their company's retirement plan.  Consider plans with features like automatic enrollment, automatic rebalancing, and automatic deferral increases.  Including target-date funds for employees to choose from can also be beneficial.  These investment options provide fully diversified investment portfolios based on the employee's targeted retirement date.
  • Provide Retirement Readiness Information – Younger employees generally want to study plan information and retirement savings projections on their own time, so providing easy access to online, mobile-optimized plan data as part of a retirement readiness program is important.  Consider plan providers that offer participants interactive retirement savings calculators and the ability to compare their investment options based on investment type, performance, fees and more.

Tips for Employees: While Generation X and Y employees may feel that retirement is too far away to consider today, it is prudent to start planning today.  Below are three steps to help younger employees get a head start on retirement saving:

  • Leverage the Stock Market – The 2008 financial crisis may have convinced younger workers to distrust the stock market since many were directly impacted by the unemployment and underemployment issues that resulted.  However, the market still remains one of the best pathways to grow their retirement savings over time.
  • Diversify Your Investment Portfolio – Younger workers typically have a longer investment horizon and often have a higher risk tolerance.  This can give them the opportunity to invest in higher risk investment vehicles that may offer higher returns.  Most importantly, they should embrace a well-diversified portfolio.
  • Enroll Early and Consider Automatically Escalating Your 401(k) – Building on the savings principle of paying oneself first, younger workers who auto-escalate their 401(k) plan contributions can take advantage of compounding investment returns and train themselves to live within their means. 

To learn more about ADP Retirement Services, please visit: www.adp.com/401k.

About ADP

With more than $11 billion in revenues and more than 60 years of experience, ADP ® (NASDAQ: ADP) serves approximately 620,000 clients in more than 125 countries.  As one of the world's largest providers of business outsourcing and human capital management solutions, ADP offers a wide range of human resource, payroll, talent management, tax and benefits administration solutions from a single source, and helps clients comply with regulatory and legislative changes, such as the Affordable Care Act (ACA).  ADP's easy-to-use solutions for employers provide superior value to companies of all types and sizes.  ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world.  For more information about ADP or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's Web site at www.adp.com.

Media Contact:

Jim Duffy ADP(973) 712 - 2070  Jim.Duffy@ADP.com

SOURCE Automatic Data Processing, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,828.24 +0.49 0.00%
S&P 500 2,067.56 -5.27 -0.25%
NASDAQ 4,791.63 +4.3130 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs