Description: This passage is intended to talk about empower retirement login, teaching you how to use the program which has established an affinity relationship with Empower Retirement and includes functions like customized consulting, fiduciary support, superior service Model, enhanced web features.
This is NADA 100 live. I’m Ryan Salazar and we’re here in New Orleans for the National Automobile Dealers Association 100th anniversary. What a great show! We’re having a wonderful time. It’s exciting to be with the auto industry and today we have a very special guest. She has a presentation to give Aimee Fox of empower retirement.
At empower retirement, our goal is to help your employees of the dealerships, replace their working income for life and to retire with dignity. We know the retirement landscape is changing; we know lots of things are going on and your employees focus on a lot of different things.
Having done this for 17 years, the three most common questions that I run into and talking to employees are: How much do I need to save? Where should I invest and what is my ultimate goal? How much do I need to be able to retire successfully?
How often or how much time do you think people spend on the average Financial Services website? Not much. Everybody’s got so much going on. The most people will spend about 18 seconds on a financial services website, so what does that tell me? If my three questions are in-depth and not detailed, we take a look at what the current retirement website shows you. When you first log in here, you have your account balance, the rear saving and your investment.
That doesn’t answer your three main questions and it doesn’t tell you how close you are to being able to achieve your retirement goals. One of the things we’re rolling out this year for the NADA retirement program is a whole new website to engage your employees, help them think about retirement differently and give them an idea of where they’re going.
If I have 18 seconds, what is this view tell me instead? It says I’m 66 percent of the way to achieving my retirement goals. It tells me that in my retirement years, I can expect to receive about 2250.4 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 today when thinking about what you’re going to need for tomorrow. The other thing that we’ve done is to make it easy for someone to save more. The biggest driver and the biggest impact on retirement savings or retirement success is the amount people save. 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 best step. That is to move this over to 6%. In doing so, I have immediate gratification. I can see what that does for my future and it moves to my goal from 66 percent to 74 percent.
It’s also narrowed my income gap. I also get to see what does that do for me today. I know what it does tomorrow. 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, I can make two clicks.
The best thing is that people need guidance. They need help, they need answers, they have lots of questions. We don’t stop. We give them their next best step at all times.
The other thing we know from an investment standpoint is that people have questions about how to invest. There’re tools and resources available depending on what type of investor you are. To pick the help that you need within your programs. Health care whose cost is a big deal is on everybody’s mind especially with where we are today politically and where we’re going to go in the future.
Retirees don’t understand health care costs and normally aren’t prepared for what that’s going to look for like in retirement. This tool gives people who are 35 and older the ability to determine where they’re going to spend their money on health care, once they get to retirement and gives them a real picture and how that changes as well.
The nice thing is that this can be customized so we have six specific states. At the bottom left 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 to a successful retirement. That means you’re not going to live as long, so you don’t need much money. However, you can play with that tool where you want to retire and see how that impacts things.
We talked about social media in the last session and it’s all over this convention. The other thing we know is that Millennials want to know how they stack up. The reason why we’re all on Facebook is to keep up with the Joneses and make sure that all the people who entice with aren’t doing anything cooler than the rest of us are.
This tool allows people to take a look at where they’re at today, how they stack up against the rest of the people that are on our system.
But most importantly, no one wants to be average, so I don’t want to meet what my peers are doing. I want to know what the top 10% are doing, what the people who are going to be most successful are doing to meet their goals and how close I am to what those people are doing. This concept of social norming and giving people a perspective of the competition of retirement is helpful as well.
The other thing that we know is that retirement is only a piece of your employees financial puzzle and they’re hit with financial stuff all day. Where do I go for additional tools and resources to understand? How does retirement fit into my overall financial picture? So we have this Me and My Money section.
I have a student loan and I got to figure out how to pay that before I could even take a second to think about what I’m going to do for retirement, you can click on any of these sections for additional tools like managing credit card debt.
We know that’s a big deal for a lot of people. What do I do if I want to buy a house? How do I create a budget? A lot of people that come out into the workforce especially out of college even don’t have the basic life skills available to understand “how do I pay my bills?”
The second piece of this is that we are available to employees. It is something called savings in Bill Manager where we’ll use their leverage their participation in the retirement program to help them pay their bills on time, set up automatic payments, set up a budget and set up ongoing savings.
Sincerely hope that these great tools and resources can revolutionize the way people view retirement, the way they view it as part of their financial picture and also help them save successfully.