There are very few things employees would be willing to take a pay cut for, but a guaranteed income in retirement is one of those things.
In fact, a majority of employees would be willing to give up a significant amount of their take-home pay to get it.
Eighty-two percent of employees said they’d be willing to give up 5% or more of their salary if it meant having a reliable income in their golden years, according to new research by Bank of America Merrill Lynch.
Another 42% said they’d be willing to give up 10% or more of their pay for that guaranteed income.
So you may want to get Benefits to find a way to show staffers that bumping up their 401(k) contributions will ultimately guarantee them more income in retirement.
To view the full report, click.