The study confirmed that the employee level of contribution is the single greatest factor in determining if they will be able to retire on time. An analysis of the traditional 401(k) benefit shows that, historically, employees have not been given the appropriate tools to appreciate the importance of this decision. The full study can be found at www.nyhart.com.
At WealthPoint Advisors, we assist management in selecting a 401(k) plan that fits the needs of a business and its employees. We know the business owner has three things in mind: to shelter funds for their own retirement, to provide a vehicle for employees to save for their retirements and to do these things with the minimum of administrative time and at a reasonable cost. We offer advice to employees who need help in deciding how much to save for retirement and what investments offer the best opportunity to reach that goal. Our role as advisors is to talk individually with all participants to offer guidance on the amount that will be needed at retirement, and offer a road map on how to get there.