Retirement Readiness - Sentinel Benefits...Source: BlackRock 2013 Retirement Readiness Survey...

Retirement Readiness Knowledge is Power

Presented by:

Ben Healy, Client Experience Manager Lisa Francis, Director, User Experience Strategy

Benjamin.Healy@sentinelgroup.com Lisa.Francis@sentinelgroup.com

Save the Date UPCOMING CLINICS May 22, 2014 Fee Disclosure: Get the “411” on 408(b)(2) June 26, 2014 PPA Document Restatement July 17, 2014 Review, Execute & File Your 5500 All webinars are held 2:00-3:00 EST. Register in “Webinars & Events” under “For Companies” at www.sentinelgroup.com

Today’s Agenda

• Readiness & Employee Confidence

• Our New Tools

• Demonstration

• What Sentinel is doing to help

• Next Steps

What is ‘Retirement Readiness’?

• Ability for a individual to accumulate enough savings to fund their desired lifestyle in retirement

• What it takes: – Knowledge and Education – Planning – Action and Awareness

Are People Ready?

45% Not saving because they don’t know how much they will need

Source: BlackRock 2013 Retirement Readiness Survey

Are People Ready?

59% Believe they can’t save enough to make a difference

THE GOOD NEWS…

Knowledge is Power

9/10 Who know how much to save are actively planning for it.

4x More confident about their retirement

Knowledge Drives Action What percent of employees would be encouraged to save more if their retirement account helped them understand:

94% 95% 95%

How much income their current savings would fund in retirement.

How much they needed to save to reach their retirement goal.

How much to save per dollar of income they want in retirement

Introducing MyRetirement Benefits for Participants: • Provide the answer to how much your account will yield • Display how much you can safely withdrawal per month • Demonstrate how saving more can impact your

withdrawals per month Benefits for Plan Sponsors: • Helps maximize participant contributions • Answers important retirement question of “how much” • Improve retirement readiness of employees

Accessing MyRetirement

Automated Widget • Calculates participant’s retirement income • Automated display – no input required • Illustrates impact of additional contributions

Extended Planning Tool • Extends analysis to other resources

– Other assets, Social Security, other income • Shares key assumptions with Widget

MyRetirement Widget

Widget Assumptions

MyRetirement Widget

Extended Planning

Goals for the Tool

Plan Participation

Participant Contributions

Plan Engagement

Employee Readiness

What is Sentinel doing? • MyRetirement tool

What is Sentinel doing? • MyRetirement tool • Participant Statement Gap

Analysis

Analysis • Educational messaging

(Smart Messaging)

(Smart Messaging) • Plan level readiness analysis

in Plan Overview Report

(Smart Messaging) • Plan level readiness analysis

in Plan Overview Report • Plan level participant

readiness gap analysis • Individual financial planning

webinars (May)

Next Steps… No action required by you! • Coming by end of May

We need email addresses • Educational campaigns on retirement savings strategy will be

kicking off in May and are driven by emails. Watch the recording of our Smart Messaging Client Clinic from March.

Provide employee compensation • Extended planning tool will integrate with as much information

as possible from our system • Compensation is a key driver to readiness analysis on participant

statements

Questions? Upcoming Client Clinics 5/22/14 - Fee Disclosure: Get the “411” on 408(b)(2) 6/26/14 - PPA Document Restatement 7/17/14 - Review, Execute & File Your 5500

Interested in learning more about our retirement services? Contact Ben Healy benjamin.healy@sentinelgroup.com 781-914-1264

Retirement Readiness - Sentinel Benefits...Source: BlackRock 2013 Retirement Readiness Survey...

Documents

Transcript of Retirement Readiness - Sentinel Benefits...Source: BlackRock 2013 Retirement Readiness Survey...

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