Fiduciary News

5 Ways 401k Plan Sponsors Can Help Employees Nearing Retirement

By Chris Carosa

Part of this education should include a discussion of retirement savings strategies beyond the company 401k plan. “Plan sponsors and 401k fiduciaries should take steps to educate employees about the various types of savings vehicles available to them, in addition to their employer-sponsored retirement plan (such as HSAs, CDs, IRAs and Roth IRAs) to ensure they’re maximizing both the amount that they’re saving as well as their withdrawal strategy,” says Amy Ouellette, director of retirement services at Betterment for Business in New York City. “Plan sponsors can look to providers that offer saving and spend-down planning tools, along with access to advisers, to help people confidently plan for their spending needs in retirement.”

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This article originally published October 8th, 2019 on Fiduciary News.

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