PLANADVISER - March/April 2021 - 21

plan design | demographics
How well
is each
generation
faring in
its climb
toward
retirement
readiness?
ADVISERS and plan sponsors are often encouraged to " create a plan that works for the
company demographics. " That type of language appears in provider pitches as a way
to tout the availability of plan-data evaluation.
Creating an optimal plan for a client's whole workforce might be easier said than
done, though, as four generations may be on staff. Each generation has specific financial
needs and challenges; each will require advisers and plan sponsors to make use
of different aspects of plan design and benefits programs, experts say.
The latest entrant to the workforce, with the oldest cohorts only 24, is Generation
Z, for which just thinking about finances causes stress, according to a study by
Harland Clarke, a customer engagement provider. Many of them grew up during the
Great Recession of 2008, the study points out.
On the other end of the spectrum, while the oldest Baby Boomers have been retired
for a decade, the youngest still have work years ahead. This means there are important
conversations to be had with plan sponsors about helping this cohort.
We spoke to industry experts to explore the financial challenges of each generation
and how advisers can select retirement plan features to help workers at all stages
of life be ready when retirement comes. -PA
Art by Melinda Beck
planadviser.com March-April 2021 | 21
hroughthe
Ages

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PLANADVISER - March/April 2021

Table of Contents for the Digital Edition of PLANADVISER - March/April 2021

A Season for Change
Through the Ages
Overcoming Obstacles
A Plan Feature Run Wild
Not Just Retirement Services
Take It Past the Limit
Lifetime Income Illustrations
Wanna Be a PPP?
PLANADVISER - March/April 2021 - Cover1
PLANADVISER - March/April 2021 - Cover2
PLANADVISER - March/April 2021 - 1
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PLANADVISER - March/April 2021 - 15
PLANADVISER - March/April 2021 - A Season for Change
PLANADVISER - March/April 2021 - 17
PLANADVISER - March/April 2021 - 18
PLANADVISER - March/April 2021 - 19
PLANADVISER - March/April 2021 - Through the Ages
PLANADVISER - March/April 2021 - 21
PLANADVISER - March/April 2021 - 22
PLANADVISER - March/April 2021 - 23
PLANADVISER - March/April 2021 - 24
PLANADVISER - March/April 2021 - 25
PLANADVISER - March/April 2021 - Overcoming Obstacles
PLANADVISER - March/April 2021 - 27
PLANADVISER - March/April 2021 - 28
PLANADVISER - March/April 2021 - 29
PLANADVISER - March/April 2021 - A Plan Feature Run Wild
PLANADVISER - March/April 2021 - 31
PLANADVISER - March/April 2021 - 32
PLANADVISER - March/April 2021 - 33
PLANADVISER - March/April 2021 - Not Just Retirement Services
PLANADVISER - March/April 2021 - 35
PLANADVISER - March/April 2021 - Take It Past the Limit
PLANADVISER - March/April 2021 - 37
PLANADVISER - March/April 2021 - Lifetime Income Illustrations
PLANADVISER - March/April 2021 - Wanna Be a PPP?
PLANADVISER - March/April 2021 - 40
PLANADVISER - March/April 2021 - Cover3
PLANADVISER - March/April 2021 - Cover4
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