A survey by the National Association of Government Defined Contribution Administrators, Inc. (NAGDCA) shows a looming financial crisis in which many Americans lack the basic means to financial security in retirement. The NAGDCA is the foremost professional organization for plan administrators and providers of government-sponsored defined contribution retirement plans, and this organization is trying to drive awareness of National Retirement Security Month.
The NAGDCA admonishes employers to make efforts to help their employees adequately prepare for retirement. The retirement landscape has seen a dramatic change over the past few years. The bottom line for any American – whether employed in the public or private sector – is that you must make an active plan to save for retirement. This is not only necessary for your benefit but also for that of the nation.
Building for retirement is a little more complicated than it seems. It requires a concerted awareness and dedication, and the lion’s share of it falls to employers. In endorsing the National Retirement Security Month, the Senate calls on states, localities, non-profit organizations, businesses, schools, universities, and other entities to embrace the National Retirement Security Month and mark it with various activities aimed at increasing awareness about retirement savings and personal financial literacy in the United States.
Below Are the Keys to Crafting Effective Retirement Plan Communications as Shared by NAGDCA
Interactive and responsive: Participants should know that they can get a prompt response to their questions in a timely and adequate manner.
Targeted and relevant: Messages should be relevant to participants for maximum impact. Consider crafting messages based on employment status (active or retired) and demographics. Everyone pays attention if you’re saying what they want to hear, so be sure to give them what they want to ensure their attention.
Medium: There are several communication mediums available to sponsors. However, not all tools are right for all audiences or message. This makes it essential to choose mediums based on the message and demographics.
Short and simple: We are bombarded with several messages every day, whether online or offline, leading to a massive drop in attention span. It’s essential to ensure your message is precise and brief. Keep in mind that most of the participants may not be familiar with retirement and personal finance basics.
Engaging: After capturing their attention, you need to connect to the participant to ensure they listen and learn. You can use visuals, storytelling, and humor to achieve this.
Working: The efforts you’re putting in must be yielding results. Continue to solicit participants’ feedback to measure your success and fine-tune your messages.
Conclusively, sponsored communication aims to enhance participants’ understanding of retirement planning basics and the various factors that may influence their retirement savings and spending. It should also aim to boost confidence, as well as enhance appreciation and decision making while driving meaningful outcomes.
