As a plan sponsor, you want your employees to save for retirement. Yet some of your employees can save more than your retirement plan allows. An IRA would allow these employees to save beyond your plan limits and also provides a way for workers who can’t participate in your plan—such as adjunct faculty members—to save for retirement.
You can put all your workers on track to greater retirement security by educating them about IRAs.
IRAs are much more than just a place for Americans to invest their savings. With the right provider, they also can provide workers with access to valuable financial advice and the option to create retirement income that they can’t outlive.Unfortunately, TIAA’s fifth annual IRA Survey1 found that few Americans look at the full range of IRA features. These features can help workers better prepare for retirement. That’s why it’s so important to raise awareness about IRAs.
IRA education can make a difference with younger workers
Education is likely to have the greatest impact on workers that aren’t very familiar with IRAs. The survey highlights an opportunity for more IRA education with one segment of the population: Gen Y. Thirty-five percent of Gen Y respondents who are not contributing to an IRA say they do not know enough about IRAs to consider using one.
Retirement security is the goal
Educating your entire workforce about IRAs can go a long way to helping them pursue long-term financial well-being. Ultimately, your workforce will appreciate the retirement planning support you offer them.
1 The 2016 TIAA IRA Survey was conducted by KRC Research by phone among a national random sample of 1,003 adults, age 18 years and older, from Feb. 18 to 21, 2016, using a combination of landline and cell phone interviews. The margin of error for the entire sample is plus or minus 3.1 percentage points. Margin of error may vary depending on subgroup analysis.
This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor’s personal advisor based on the investor’s own objectives and circumstances.
The TIAA group of companies does not provide legal or tax advice. Individuals should consult their legal or tax advisor.Investment, insurance and annuity products are not FDIC insured are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.
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