As of March 2018, only 51 percent of working Americans in the private sector had access to a defined contribution retirement plan (i.e., a 401(k) plan), according to the Bureau of Labor Statistics. In establishments with fewer than 100 employees, that number was just 46 percent. That’s a large percentage of the population without access to traditional retirement savings options. With studies suggesting that Americans currently have a savings deficit and today’s employees less likely to stay with one company for their entire career, it’s imperative as an advisor to ensure that clients have a backup plan so they continue to save on a regular basis. To start, you need to understand your clients’ individual situations, and your clients need to be aware of alternative methods to save for retirement.
