Late-career-stage employees think a lot about their plans for retirement and wonder if they are financially equipped to realize those plans. Employers can play an important role in helping to educate employees about their options, particularly as it relates to their health savings accounts (HSAs).
HSAs have proven advantages for employees, and most employers are familiar with communicating their main benefits (triple-tax-free, portability, investment options). However, using the same talk track with all employees may not be the most effective way to meet their needs.
An employee who is nearing retirement age will have a different set of goals — not to mention budget — than someone who is just entering the workforce. It’s important to consider the unique needs of the pre-retiree population as retirement age draws near.
Communicating about HSAs to pre-retirees
Employees who are close to or considering retiring are at a very unique time in their lives as well as their careers. While there is tremendous excitement about what lies ahead, there could also be a great deal of uncertainty as to how well prepared they are financially. For employers, focusing on the needs of these employees at this stage of their career is just as important as doing so at any other stage of their professional journey.
This is a perfect opportunity to educate employees who are nearing retirement about how to leverage their HSA benefits both before and after retirement and to discuss actions they must take.
We’ve identified three critical communication messages about HSAs to give your employees who are approaching retirement age.
Individuals who are approaching retirement face a lot of unique challenges in the current environment — from the economic uncertainties of inflation, taxation and market fluctuations to the rising costs of senior living facilities and elder care, to questions about when to take Social Security benefits. While they may have worked hard to save enough for these years, the realities can cause much uncertainty when the time to retire actually arrives. Employers that understand and address these unique needs will foster engagement with all employees throughout their tenure with your company.
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