A financial expert from Vestwell explains how to guide workers through their options and get them back on track when they pause their retirement contributions.
Big expenses can require employees to reroute their finances, but diverting retirement contributions should not be taken lightly. Benefit leaders can help workers make an educated decision and create a plan.
According to a recent report from PNC, nearly 70% of employees are stressed about their finances and living paycheck-to-paycheck. More than a quarter look to their employer for help with long-term financial planning, double what it was two years ago.
"Your employees trust you," says Kevin Gaston, head of strategic retirement consulting at digital savings platform Vestwell.
Author's summary: Guide employees on retirement contributions.