It’s never too early for young employees to start saving for retirement. But rising healthcare costs, inflation, and increased longevity can make it challenging to know just what an individual will require to retire comfortably. Employers can help younger workers prepare for retirement planning through employer-sponsored plans such as 401(k)s and Health Savings Accounts (HSAs).
The Employee Retirement Income Security Act (ERISA), enacted in 1974, protects the individual’s tax-preferred retirement savings. Over the last 40 years, legislation surrounding ERISA has been altered that would continue to safe-guard Individual Retirement Accounts (IRAs) and annuities.