by Sheri Fitts, Chief Marketing Officer
As plan sponsors they may find it more difficult to juggle a healthy, successful retirement plan on top of these obligations. But it’s crucial for plan sponsors to give employees extra attention in this area, as many workers are falling short of their retirement savings needs. In 2015, the average 401(k) plan account balance was $73,357, and the median balance was $16,732. Approximately 41 percent of participants had account balances of less than $10,000, while about 19 percent had balances above $100,000, varying by factors like age, asset allocation and contribution rates.
The good news is, an effective retirement plan isn’t out of a plan sponsor’s reach—with an organized course of action and the help of a plan advisor, plan sponsors can help employees save adequately and be prepared for retirement. Read on to learn about the three ways to a healthier plan.