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Retirement planning: ‘Top priority’ in retention, say 99% of HR leaders

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Summary

This article discusses retirement planning and how it is a top priority for HR leaders. It also talks about SECURE 2.0, which will bring big changes to 401(k) catch-up contributions in 2024. 99% of HR leaders consider retirement planning to be a top priority in order to retain employees.

Q&As

What is the “top priority” for HR leaders when it comes to retirement planning?
The “top priority” for HR leaders when it comes to retirement planning is retention.

How will the SECURE 2.0 legislation impact 401(k) catch-up contributions?
The SECURE 2.0 legislation will increase the amount of catch-up contributions that can be made to 401(k) plans in 2024.

What actions are employers taking to help employees plan for retirement?
Employers are taking actions such as offering retirement planning resources, providing financial education, and offering retirement planning advice to help employees plan for retirement.

How does the SECURE 2.0 legislation aim to make retirement planning easier?
The SECURE 2.0 legislation aims to make retirement planning easier by increasing the amount of catch-up contributions that can be made to 401(k) plans in 2024.

What are the benefits of employers offering retirement planning resources?
The benefits of employers offering retirement planning resources include helping employees save for retirement, increasing employee engagement, and improving employee retention.

AI Comments

👍 It's encouraging to see that 99% of HR leaders recognize the importance of retirement planning for retention.

👎 It's unfortunate that the changes to 401(k) catch-up contributions won't take effect until 2024, as many people could benefit from them now.

AI Discussion

Me: It's about retirement planning and how it's a top priority for HR leaders. It also talks about the new SECURE 2.0 law that will make changes to 401(k) catch-up contributions in 2024.

Friend: Wow, that's huge. What are the implications of this?

Me: Well, it means that HR leaders need to start focusing on retirement planning for their employees now in order to make sure they are prepared when the new law goes into effect. It also means that employees should start saving more now for retirement if they want to take advantage of the catch-up contributions that will be available in 2024.

Action items

Research the SECURE 2.0 changes to 401(k) catch-up contributions and determine how they will affect your retirement planning.
Create a retirement plan that takes into account the changes to 401(k) catch-up contributions.
Talk to your HR department about how they are addressing retirement planning as a top priority for employee retention.

Technical terms

Retirement Planning: Retirement planning is the process of setting goals and making decisions about how to save and invest money to achieve those goals. It involves assessing current financial resources, estimating future needs, and developing a plan to meet those needs.
Retention: Retention is the process of keeping employees in an organization. It involves creating an environment that encourages employees to stay and providing incentives to stay.
SECURE 2.0: The SECURE 2.0 Act is a law that was passed in 2019. It includes changes to 401(k) catch-up contributions, which are additional contributions that can be made to a 401(k) plan by individuals age 50 and older.
401(k) Catch-up Contributions: 401(k) catch-up contributions are additional contributions that can be made to a 401(k) plan by individuals age 50 and older. These contributions are limited to $6,500 per year and are designed to help individuals save more for retirement.