Opportunity
One of our client’s employees, James,* in his late 30s had just bought a house but wasn't participating in the company's 401(k) plan.
Late 30s
Age
Short-Term Goal
House repairs
Savings
0% of his retirement needs
SUCCESS STORY: Start Saving
Employee Success Story: Re-Prioritized Expenses
High Five!
One-on-one enrollment meetings like this are common when Fisher Investments 401(k) Solutions comes on-site to meet with employees. In fact, businesses we serve see an average increase of 55% in their 401(k) plan participation rates.
Employee’s Obstacle
James felt financially-stretched with his new house payment, and was worried about being able to save for future unforeseen emergency house repairs. Like most people in this life stage, James found it difficult to prioritize something that seems so far off—like retirement—against today's living expenses.
Our Solution: Re-organize and prioritize savings and expenses
When Fisher Investments 401(k) Solutions visited James’ employer for on-site 401(k) enrollment, Service Associate Jordan sat with him one-on-one to discuss his unique life circumstances and retirement goals. James was skeptical that he’d be able to start saving at all, but knew that eventually he would have to prepare for retirement. His plan was to wait for his next raise—a common refrain that our Service Team hears from many workers. Jordan helped James breakdown his expenses and expenditures, and determine areas where spending could be cut to save for retirement and emergencies. Plus, Jordan demonstrated the power of compound interest, which shows how much more his retirement savings could grow based on saving earlier rather than later.
Results
Jordan showed James how to use an income calculator tool to map out how much money he needed to save to be on track for a comfortable retirement. Together, they:
- Identified his personal retirement savings goals
- Reviewed his expenses and found areas where certain expenditures could be converted to savings
- Started his new 401(k) account with contributions that fit his budget
Employee Success
One-on-one enrollment meetings like this are common when Fisher Investments 401(k) Solutions comes on-site to meet with employees. In fact, businesses we serve see an average increase of 55% in their 401(k) plan participation rates.1
1Fisher Investments 401(k) Solutions enrollment data as of 1/1/2019.
*Name changed for employee confidentiality
SEC Regulatory Disclaimer: Case Studies are selected based on how they illustrate common 401(k) plan goals. It is not known whether the clients approve or disapprove of Fisher Investments 401(k) Solutions or the services provided.