Give Retirees a Game Plan for Retirement

With the growing number of Baby Boomers approaching retirement, it’s important to provide retirement information for these participants in your plan. One way to make such resources available is an interactive Web site for those preparing for – and already in – retirement.

 

Americans are discovering that retirement planning doesn’t end at retirement, and a Web site can offer ongoing education and tools. Such a communication vehicle is an easy way for participants in this demographic to learn about pre-retirement planning, money matters and retirement lifestyles at any time, day or night. With more and more communication resources available, a Web site is also a great way for plan sponsors to keep up with evolving technology.

 

Interactive features incorporated on a Web site are a wonderful way to engage retirees. Today we live in world of instant communication and information, where we want resources and answers at our fingertips. The proportion of older Americans who use the Internet ranges from 78 percent of 50- to 54-year-olds to 45 percent of those ages 70 to 74 – up from 26 percent of the latter group in 2005. Among online Americans, 58 percent consult the Internet for assistance in solving problems – more than any other source of information.*

 

For example, at Great-West Retirement Services, we created Retiree Crossroads, a Web site with several tools participants can use for immediate assistance with retirement strategy. The site includes a paycheck comparison feature, which allows employees to view the effects of tax-deferred saving on their take-home pay, while another tool analyzes and estimates an individual’s retirement nest egg. Through the site, users can create a game plan for retirement by setting financial goals and learning what they need to do to prepare for retirement, how to handle various money matters once they’ve retired and how to avoid common mistakes in retirement.

 

This type of Web site not only can give retirees, and those approaching retirement, helpful financial tips, but also can help users sort out the emotional challenges that retirement may present. Different stages in retirement can be outlined, along with everyday life options, thought-provoking information on the world of retirement, and ways to avoid scams and schemes.

 

While it’s necessary to have representatives available to answer questions, a Web site is a good alternative resource for retirees, and it isn’t limited to call-center hours. A site like Retiree Crossroads also can be a starting point for participants approaching retirement. Ideally, users can get answers to their questions at their own convenience while connecting with information that goes beyond the initial query.

 

Technology is here to stay, and as Internet use grows among older Americans, it’s important for plan sponsors to advance with the times. Tap into the huge Baby Boomer demographic right now by taking advantage of the Web’s capabilities and offering your participants the tools and information to help them shape a bright future.