Things We Are Learning about Retirement Planning in the New Normal by Mark Etherington

Entrepreneurs need help with their retirement planning | Investment Executive

The Healthcare of Ontario Pension Plan (HOOP) recently commissioned Abacus Data to poll 3,500 participants on their current thinking about saving and planning for retirement. David Colette, Abacus CEO said in a briefing on the poll results that 70% of the respondents are looking to retire sooner and for greater future certainty.

On the surface that makes sense as the pandemic has made us all realize what are the most important things in life. Those that opt to permanentize working from home (currently 52% in the US for example ) in order to rid themselves of two hour daily commutes to high rise offices and the structure and cost of business attire seem also to be yearning for a simpler life wherein time with Family and service to Community has become more meaningful and early retirement has become attractive.

Similar studies have also found that people with any kind of workplace retirement savings plan become disciplined and twice as predisposed towards saving for retirement.

Regrettably the pandemic will force others to work longer until retirement; 70% of the respondents reported a fear that COVID-19 will negatively impact their retirement security.

But those who benefit from participating in an employer sponsored group retirement plan wherein contributions are made by both the employer and employee;  equate that job with a greater sense of long term security and financial independence.

We know that some sectors will suffer more severe consequences than others (think for example travel, auto or commercial real estate vs. e commerce, virtual infrastructure or delivery services); but those that not only survive but grow will realize that the security provided by a company retirement savings plan will be a more meaningful recruiting and retention tool than ever before.