Empower NADA Retirement Program
And about power retirement, our goal is to help your employees of the dealership replace their working income for life and require 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, and I have been doing this for 17 years.
Now the three most common questions that I run into the field and being talked by employees is as follows: 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?
Most people have spent about 18 seconds on a financial services website, and that can’t solve your three questions in depth and in detail. If you take a look at what the current retirement website shows you, when you first log in here, you have the right to see your account balance, you can see your saving and where you have invested.
But that doesn’t really answer your three main questions and it doesn’t tell you how close you are to be able to achieve your retirement goals. So one of the things we’re rolling out this year for the NADA retirement program is a whole new website to really engage your employees, help them think about retirement differently and really give them an idea of where they’re going.
So if we take a look at it now, this view tells I’m sixty-six percent of the way to achieve my retirement goal. It tells me that in my retirement years, I can expect to receive about 2,250.4 dollars a month and then it gives me some easy tools to be able to make a direct impact on those questions I have.
So what we’re trying to do is to put retirement into a perspective that makes sense, today you can think about what you are going to need for tomorrow, the other thing that we’ve done is to make it easy for someone to save more. What we know is that the biggest driver and impact on retirement savings and retirement success for most people are savings.
We all get bogged down in the investment side of things, and we try to think too much about the things that really don’t have a great overall impact. We haven’t made an easy slider, my next step is to move this forward for six percent. So now I have immediate gratification, I can see what it does for my future, I can see it moves my goal from sixty-six percent to seventy four percent then it narrows my income gap. I know what it does for me today, and what it will do tomorrow.
Now it’s going to cost me 90 dollars and eighty three cents to be able to have two hundred sixty seven dollars more monthly in retirement. If I were Taylor Smith, which was the name of the participant demo, I could make two clicks to submit my change. The best thing we have done is to know that people need guidance, help, and answers, and they have lost questions. We don’t stop, and we guide them to their next step at all times.
The other thing we know from an investment standpoint is that people have questions about how to invest, how to pick the help among tools and resources available, it depends on what type of investor you are and what kind of help you need within the program. The one thing that we know is that health care costs are big deals, especially where we are today and where we’re going to go in the future politically.
We know that retirees don’t understand health care costs and normally aren’t prepared for what to look for in retirement. So this tool gives close to our 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 shows them how that changes as well.
The nice thing is that it can be customized, so we have six specific spaces here at the bottom left that have an impact on retirement and retirement savings, and especially on longevity. So we like to joke that this is the only way that you can smoke or drink and drink your way to a successful retirement. What really means is that 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 Millennials, especially how they stack up on Facebook. The reason why we’re on Facebook is to keep up with the Joneses and make sure that all the people who enticed us aren’t doing something cooler than the rest of us are. So this tool allows people to take a look at where they’re at today.
How do they stack up against the rest of the people on our system, but most importantly, no one wants to be average, so I just don’t want to see what my peers are doing, I want to know what the top 10% are doing, and I want to know what the people who are going to be the most successful are doing to meet their goals and how close I’m to what those folks are doing.
So the concept of social is to give people at perspective of the competition of retirement, it’s helpful as well. The other thing we know is that retirement is only a piece of your employee’s financial puzzle and they hit with financial stuff all day. Where do I go for additional tools and resources to understand how retirement fits into my overall financial picture, since we have this in my money section.
If you have a student loan and you have to figure out how to pay for that, you can even take a second to think about what you are going to do for retirement, and you can click on any of these sections for additional tools to manage credit card debt, we know that’s a big deal for a lot of people. What do you do if you want to buy a house, how do you create a budget?
You know a lot of people that come out into the workforce, especially out of college don’t even have the basic life skills available to really understand. How do you pay your bills, what does that look like? So the second piece of that is that we have something available to employees, it’s called savings and Bill manager, which will use their leverage and their participation in the retirement program to actually help them pay their bills on time automatically, set up a budget and set up ongoing saving, there are lots of great tools and resources which will be revolutionized.
People view retirement as part of their financial picture and this program can help them save successfully. Thank you so much for spending some time with it. If anybody is interested in getting more information, you can come right over here in the native civilian in booth 2801 and they can also be reached on nato retirement com as well.