Description: The article is about empower retirement login. NADA has established an affinity relationship with Empower Retirement,it is the second largest retirement services provider in the US. You can find information about the NADA Retirement Program in this article.
We are celebrating 100 years of the National Automobile Dealers Association in New Orleans,this is NADA 100 live,I am your host Brian Salazar. We’re in New Orleans for the National Automobile Dealers Association 100th anniversary. We’re having a wonderful time,it’s exciting to be with the auto industry,today we have a very special guest,she has a presentation to give us. It’s great to have you,let’s go ahead and get into it.
At empower retirement,our goal is to help your employees replace their working income for life and retire with dignity,we know the retirement landscape is changing,we know lots of things are going on and your employees are focused on a lot of different things.
Having done this for 17 years,the most common questions that I have run into in the field and have talked to employees are how much money I need to save,where I should invest and what my ultimate goal is and how much I need to be able to retire successfully.
Can you take a guess on how how much time people spend on the average Financial Services website? It is probably not too much,everybody has so much things to go on. The most people will spend about 18 seconds on a financial services website. My three questions are in-depth and detailed.
If we take a look at what the current retirement website shows you and when you first log in,you can see your account balance. You have the rear saving ,you know where you’re invested. But that doesn’t answer your three main questions,it doesn’t tell you how close you are to be able to achieve your retirement goals.
One of the things that we’re rolling out this year for the NADA retirement program is a new website. We provide this website to engage your employees,help them think about retirement differently and give them an idea of where they’re going.
We can take a look at that. I’m one of the 66 percent people who is achieving my retirement goals,it tells me that in my retirement years,I can expect to receive about 2254 dollars a month in monthly income. It gives me some easy tools to be able to make a direct impact on the questions that I have.
What we’re trying to do is to put retirement into a perspective that makes sense,you are going to think of what you’re going to need for tomorrow. The other thing that we’ve done is trying to make it easy for someone to save more.
There are the biggest driver and the biggest impact on retirement savings,people are saving retirement success. We all get bogged down in the investment side of things,we try to think too much about things that don’t have a great overall impact.
We haven’t made an easy slider to say what is my next step. The best step is to move this over to 6%. In doing so,I have immediate gratification,I can see what that does for my future,I can see it moving to my goal from 66 percent to 74 percent,it also narrowed my income gap.
I also get to see what that does for me today. I know what it does for tomorrow,now it’s going to cost me 90 dollars and 83 cents to be able to have 267 dollars more a month in retirement. If I’m Taylor Smith which is the name of the participant in this demo,I can make two clicks,I can submit my change and I am ready to go.
The best thing is that we know people need guidance,they need help,they need answers,they have lots of questions,we don’t stop,we give them their best step at all times. The other thing we know from an investment standpoint is that people have questions about how to invest,there are tools and resources available depending on what type of investor you are.
You can pick the help that you need within your programs. The one thing we know is that health care costs are a big deal. Health care is on everybody’s mind especially with where we are today and where we’re going to go in the future. We know that retirees don’t understand health care costs and normally they don’t prepare for retirement.
This tool gives people who are 35 and older the ability to determine where they’re going to spend their money on. Once they get to retirement,it gives them a real picture and how that changes their lives. The nice thing is that this can be customized,we have six specific states,at the bottom left we have an impact on retirement,retirement savings and especially on longevity.
We like to joke that this is the only way that you can smoke and drink,you can drink your way to a successful retirement,what that means is that you’re not going to live too long so that you don’t need too much money. However,you can play with that tool,you can find where you want to retire and see how that impacts things. We talked about social media in the last session.
The other thing we know is Millennials especially,we want to know how they stack up. The reason we’re all on Facebook is to keep up with the Joneses and make sure that all the people aren’t doing something cooler than the rest of us. This tool allows people to take a look at where they’re at today and how do they stack up against the rest of the people on our system.
Most importantly,no one wants to be average. I still know what my peers are doing,I want to know what the top 10% are doing. I want to know who are going to be the most successful person. I want to know how they are going to meet their goals and the distance between me and them.
This concept of social norming gives people a perspective of the competition of retirement,it is helpful as well. The other thing we know is that retirement is only a piece of your employees financial puzzle,they’re hit with financial stuff every day.
They need to find out where they can go for additional tools and resources to understand how retirement fits into their overall financial picture. We have this me and my money section.
I have a student loan,I have to figure out how to pay that before I can even take a second to think of what I’m going to do for retirement,you can click on any of these sections for additional tools,you can manage credit card debt,that’s a big deal for a lot of people.
What should I do if I want to buy a house? How do I create a budget? A lot of people who come out into the workforce especially out of college don’t even have the basic life skills available to understand how to pay their bills. What does that look like?
The second piece we have available for our employees is something called savings in Bill Maneger. We’ll use their leverage,we will let them participate in the retirement program to help them pay their bills on time. We have set up automatic payments,we have set up a budget,we have set up ongoing savings.
There are lots of great tools and resources hoping to revolutionize the way people view retirement,they want to change the way they view and help them save money successfully. Thank you so much for spending some time with us. If anybody’s interested in getting more information,you can also go to NADA retirement.com for more information.