ADP® Provides Retirement Savings Tips for Employers and Employees During
National Save for Retirement Week
The Keys to Success are in Finding the Right Plan and Making it Easy for
Employees to Define and Understand their Own Savings Goals
ROSELAND, N.J., Oct. 22, 2012
ROSELAND, N.J., Oct. 22, 2012 /PRNewswire/ -- This week is National Save for
Retirement Week, a time for employees to reflect on their personal retirement
goals and determine if they are on target to reach them. ADP® Retirement
Services provides the resources, materials and online tools employees need to
prepare for their financial future. In the spirit of this week, ADP Retirement
Services is offering tips to save for retirement and make planning for the
future as simple as possible.
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"Americans know they should save for retirement, but the truth is many of us
aren't saving enough," said Chris Augelli, vice president, product marketing
and business development at ADP Retirement Services. "A Pew Research study
shows that younger workers, in particular, are more willing to save for
retirement if their employers can make the process as painless as possible. By
choosing the right kind of plan and maintaining an open dialogue with
employees, employers have the opportunity to help reverse the trend of a lack
of retirement readiness and motivate employees to strengthen their own
Tips for employers
Choose a plan that's:
oEasy to manage. Time is your most precious commodity. That's why it's
important to choose a retirement plan provider who can save you time on
administrative tasks through integrated solutions and support tools so you
can get back to business.
oAligned with your interests. Your provider should provide complete
transparency about plan fees so you know exactly what you're paying and
have an unbiased investment approach—free from any conflicts of interest.
oFocused on retirement readiness. Engaging and educating employees about
your plan's benefits is essential to helping them maximize the full
potential of the plan. Education materials and workshops help them
determine how much they need to save and make informed investment savings
Tips for Employees:
oIn their 20s and 30s – At a minimum, your employees should contribute
enough to get the plan match and aim to increase their contributions over
oIn their 40s – By now, your employees should consider saving the maximum
allowed which is $17,000 in 2012. They should regularly calculate their
"retirement paycheck" and make sure it is invested appropriately.
oIn their 50s – This is the time for employees to stay focused on their
retirement goals and take steps to catch up, if necessary. There is still
time to close the gap on a shortfall by saving more.
oIn their 60s – At this stage in life, your employees should give their
retirement budgets a test drive by living on less and saving what's left
over. Now is the time to determine if they need to work longer and delay
taking Social Security to maximize their benefit.
Santiago Navarro, director of human resources for New Jersey- based Camfil
Farr, Inc., said, "ADP Retirement Services has provided us a user-friendly
vehicle for our employees to help them become retirement ready. Through our
partnership with ADP, we have gotten great satisfaction seeing how education
really helps our employees prepare for retirement. It also gives us great
peace of mind seeing how keeping our employees engaged in the planning and
saving process can help them maintain their standard of living throughout
their retirement years."
For more information about ADP Retirement Services, visit www.adp.com/401k or
Automatic Data Processing, Inc. (NASDAQ: ADP), with more than $10 billion in
revenues and approximately 600,000 clients, is one of the world's largest
providers of business outsourcing solutions. Leveraging over 60 years of
experience, ADP offers a wide range of human resource, payroll, tax and
benefits administration solutions from a single source. ADP's easy-to-use
solutions for employers provide superior value to companies of all types and
sizes. ADP is also a leading provider of integrated computing solutions to
auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment
dealers throughout the world. For more information about ADP or to contact a
local ADP sales office, reach us at 1.800.225.5237 or visit the company's Web
site at www.ADP.com.
Not all clients will experience the same results. ADP has not compensated any
clients for the included testimonials.
Contact: James Duffy, ADP, Inc., +1-973-974-7612, Public.Relations@adp.com
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