Corporate Presentation TemplateOctober 22, 2008
*
Individuals face enormous, often crippling, financial complexity
The remedy is public/private sector partnership that encourages people to act
Americans know they must act—and want to—but don’t know how to get started.
Purchase barriers impede consumer action
Simply creating more awareness is not the answer
*
A major source of retirement income
For two thirds of older Americans, Social Security represents 50% or more of their income
First baby boomer takes retirement in Jan 2008
58% of women and 53% of men start benefits at 62
Life expectancy of the average American at age 66 is 17.5 years, yet only 33% delay Social Security to normal retirement age
Depending on your situation, it may pay to take benefits later.
The New York Times, May 2007
A 60 year-old male
A 60 year-old female
*
Helps consumers make better decision about when to start benefits
100,000 users
*
*
Emergence of “Benefits Consumers”
Continuing shift of benefit decision making to employees – strong desire for tools
Inertia and uncertainty in making best benefit choices
44% experience major life events in last 12 months;
75% make no changes to their benefits
Employees looking for interactive, personalized, simple decision tools
*
Positions workplace benefits as foundation to “personal safety net”
Interactive & personalized
*
Best Practices
Use technology to develop tools that are engaging, simple, useful & relevant
Integrate a variety of communications vehicles
Establish precise, ambitious goals & measure
*
*