Employer-Provided Retirement Planning Programs

As older workers approach the end of their working career, they face a series of important decisions that will determine their economic wellbeing during their remaining lifetime. They must decide when to retire, when to start Social Security and company pensions, whether to annuitize 401(k) balances, and whether to take lump sums from defined benefit plans. Lack of knowledge or insufficient financial literacy may lead to regrettable decisions. This chapter assesses employer provided financial education as well as pre-retirement planning programs and examines their effectiveness in increasing knowledge and altering retirement behavior.