The Retirement Readiness Crisis in Healthcare: Crisis calls for customized benefits

Abstract

The healthcare industry plays a vital role in the U.S. economy, employing almost 15% of all U.S. employed workers. Of this group, an estimated 2.5 million plan to retire over the next 15 years. Healthcare employers feel responsible for helping these employees achieve retirement readiness, but most fall short of this goal. There is a looming crisis in the industry because millions of healthcare workers lack sufficient retirement assets. Industry executives generally acknowledge that their one-size-fits-all approach to employee retirement programs has not been successful in helping their aging workers achieve retirement readiness. Differentiating the healthcare workforce by financial needs and goals can help HR specialists design customized, realistic retirement plans that respond to specific employees’ needs. This customization process will help healthcare employers develop the type of robust, realistic retirement programs that can make retirement readiness a definitive priority in the healthcare industry.