That’s how many Baby Boomers are retiring—each day. In 2024, the United States will have more 65 year olds then at any other time in history. Experts observe that those planning for retirement are facing once-in-a-generation challenges and unveil a new Retirement Journey Map to provide guidance in the this era of “no normal.”
High inflation, market volatility, economic uncertainty and pandemic related health concerns have dramatically disrupted retirement plans and possibilities for those headed toward their 65th birthdays. Recognizing that there is no longer such a thing as “normal retirement,” a collective of financial, health and aging experts, organized through Georgetown University’s AgingWell Hub, have developed the No Normal Retirement Journey Map and Guide. According to The Alliance For Lifetime Income:
This new resource offers individuals tools to visualize and plan the various stages, events and decision points along the retirement journey, and the personal, emotional, and financial consequences of each. The Journey Map illustrates how six primary levers—health, finances, learning, purpose, community, and resilience—can be used to navigate the journey to a happy, financially secure and fulfilled life after a full-time career…The Journey Map draws on the expertise of twenty-nine of the world’s leading experts on life in retirement as well as a comprehensive review and integration of findings from more than 200 pieces of research on the evolving nature of retirement.
Overwhelmed By Decisions
Experts point out that in addition to the financial complexities faced in planning and saving for retirement, longer, and frequently healthier lives, present us with more options, challenges and decision making dilemma’s then ever before:
“The countless decisions people have to make for and in retirement has become overwhelming, and the consequences and emotional toll of each decision is often difficult to fully grasp,” says Jason Fichtner, senior fellow and head of the Retirement Income Institute. “For the first time, Americans have a simple guide to creating their own retirement journey map that considers the many critical factors that impact outcomes. Financial service providers can also use the maps and guide to help their clients and customers visualize their own retirement journey, guide financial decisions impacting the journey, and identify specific areas of products and services ripe for innovation.” The …Journey Map will provide a better understanding of the various impacts, unexpected roadblocks, and major decision-points along the journey in critical areas including finance, community, health, caregiving, housing, learning, and purpose. Users can then create personal journey maps by using the included No Normal Retirement Planning Guide….
What a Relief?
For many retirement plan participants—and plan sponsors, validation of “no normal” likely comes as a relief—and holistic, personalized planning and decision making tools are in demand. With ever more variables to ponder related to providing company sponsored retirement plans that meet the needs of employees, a brutal truth for retirement plan sponsors has perhaps never been more clear: protection is a must. Conveniently, Colonial’s Three Point Coverage Package arms plan sponsors with: the required ERISA bond to protect the assets of the retirement plan from theft; Fiduciary Liability coverage to protect yourself (and your assets) from personal liability; and, Cyber Liability coverage to safeguard your company and plan from covered losses and expenses in the event of a cyber breach.
The director of the AgingWell Hub at Georgetown,Jeanne de Cervens, reminds us:“The nature of retirement is evolving and highly personal. It spans a non-linear path of growth and activity, such as the enjoyment of continued work, travel, volunteering, and family, through declining health and loss of independence at the end of life. The Journey Map represents various aspects of each retirement journey—the goals, decisions, emotions, and unforeseen events—with which individuals can identify.”
Indeed, “personal” has a great deal to do with retirement plans. Afterall, every plan participant has personal hopes about how they will use their savings—and as fiduciaries, plan sponsors have a personal responsibility to ensure participants are benefiting from the plan. Toward that end, it’s important for plan sponsors to continuously manage risks to the plan, the company and themselves. That’s why Colonial Surety offers an affordable Fiduciary and Cyber Liability insurance Package, arming plan sponsors with:
- Legal defense and coverage for penalties against claims of alleged or actual breaches of fiduciary duties.
- Defense against lawsuits and regulatory actions related to a cyber breach.
- Expert-led response, notification and crisis management services to prevent a cyber incident from spiraling into a disaster.
The annual cost of our Fiduciary with Cyber Pack is less than the fee for one hour of expert legal defense if a lawsuit or regulatory challenge strikes you and your business. Let’s get you covered, in minutes, today: Plan Sponsor Protection Package.
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Colonial Surety was founded in 1930 and continues giving customers the assurance that they, their businesses, and their clients are safeguarded with the right surety and insurance products at all times. We are a direct and digital insurer offering products through an online platform supported with exemplary customer service. We give customers a simple, direct, and instant service that takes the pain out of buying insurance and bonds. Colonial Surety is licensed in every state in the U.S., rated “A” Excellent by A.M. Best, and listed by the U.S. Treasury as an approved surety.