ADP® Provides Retirement Savings Tips for Employers and Employees
During National Save for Retirement Week
ROSELAND, N.J., Oct. 22, 2012 /PRNewswire/ -- This week is
National Save for Retirement Week, a time for employees to reflect
on their personal retirement goals and determine if they are on
target to reach them. ADP® Retirement Services provides the
resources, materials and online tools employees need to prepare for
their financial future. In the spirit of this week, ADP Retirement
Services is offering tips to save for retirement and make planning
for the future as simple as possible.
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"Americans know they should save for retirement, but the truth
is many of us aren't saving enough," said Chris Augelli, vice president, product marketing
and business development at ADP Retirement Services. "A Pew
Research study shows that younger workers, in particular, are more
willing to save for retirement if their employers can make the
process as painless as possible. By choosing the right kind of plan
and maintaining an open dialogue with employees, employers have the
opportunity to help reverse the trend of a lack of retirement
readiness and motivate employees to strengthen their own retirement
security."
Tips for employers
Choose a plan that's:
- Easy to manage. Time is your most precious commodity.
That's why it's important to choose a retirement plan provider who
can save you time on administrative tasks through integrated
solutions and support tools so you can get back to business.
- Aligned with your interests. Your provider should
provide complete transparency about plan fees so you know exactly
what you're paying and have an unbiased investment approach—free
from any conflicts of interest.
- Focused on retirement readiness. Engaging and educating
employees about your plan's benefits is essential to helping them
maximize the full potential of the plan. Education materials and
workshops help them determine how much they need to save and make
informed investment savings decisions.
Tips for Employees:
- In their 20s and 30s – At a minimum, your employees
should contribute enough to get the plan match and aim to increase
their contributions over time.
- In their 40s – By now, your employees should consider
saving the maximum allowed which is $17,000 in 2012. They should regularly
calculate their "retirement paycheck" and make sure it is invested
appropriately.
- In their 50s – This is the time for employees to stay
focused on their retirement goals and take steps to catch up, if
necessary. There is still time to close the gap on a shortfall by
saving more.
- In their 60s – At this stage in life, your
employees should give their retirement budgets a test drive by
living on less and saving what's left over. Now is the time to
determine if they need to work longer and delay taking Social
Security to maximize their benefit.
Santiago Navarro, director of
human resources for New Jersey-
based Camfil Farr, Inc., said, "ADP Retirement Services has
provided us a user-friendly vehicle for our employees to help them
become retirement ready. Through our partnership with ADP, we
have gotten great satisfaction seeing how education really helps
our employees prepare for retirement. It also gives us great
peace of mind seeing how keeping our employees engaged in the
planning and saving process can help them maintain their standard
of living throughout their retirement years."
For more information about ADP Retirement Services, visit
www.adp.com/401k or call 800-432-401k.
About ADP
Automatic Data Processing, Inc. (NASDAQ:
ADP), with more than $10 billion in
revenues and approximately 600,000 clients, is one of the world's
largest providers of business outsourcing solutions. Leveraging
over 60 years of experience, ADP offers a wide range of human
resource, payroll, tax and benefits administration solutions from a
single source. ADP's easy-to-use solutions for employers provide
superior value to companies of all types and sizes. ADP is also a
leading provider of integrated computing solutions to auto, truck,
motorcycle, marine, recreational vehicle, and heavy equipment
dealers throughout the world. For more information about ADP or to
contact a local ADP sales office, reach us at 1.800.225.5237 or
visit the company's Web site at www.ADP.com.
Not all clients will experience the same results. ADP has
not compensated any clients for the included testimonials.
SOURCE ADP