401 Words on the Retirement Savings Crisis

401 Words on the Retirement Savings Crisis

Our CEO, Jeff Schneble, recently sat down with Hena Doba on Cheddar News to explain why the retirement savings crisis is one of the biggest challenges facing our country.

Retirement lasts nearly a quarter of our lives and most Americans are unprepared to afford the life they envision. Nearly 80% of Americans aren’t saving enough for retirement, and nearly half aren’t saving at all. In the United States, the primary vehicle for saving for retirement is employer-sponsored 401(k)—yet one-third of working adults and half of all small business employees don’t have access to one.

We must act. Now. 

In the past, pensions were considered a reliable way to build a retirement nest egg. That’s not the case anymore. Of the 200 biggest pension plans in the S&P 500, 186 do not have enough to fund current and future retirees. And just this month, the insolvency timeline for Social Security was pushed yet another year earlier to 2034.

How we move forward 

Human Interest is addressing the retirement savings crisis as a 401(k) provider for small and medium-sized businesses. Employees are 15x more likely to save for retirement if offered a retirement savings plan at work. We focus on providing access to employers because they are the number one reason why employees begin saving for retirement. 

Many small businesses don’t offer retirement benefits today because legacy products are too expensive and too difficult to use. Human Interest is removing those barriers by offering a complete solution at the fraction of the price charged by industry incumbents. We were also the first 401(k) provider to eliminate transaction fees.

Today is just the beginning

While we set out to help small businesses without a 401(k), we've found there’s an equally pressing need to improve the retirement experience for companies underserved by legacy providers. We want to create a better 401(k) for everyone. 

Our goal is to help more people afford the life they envision in retirement. Over time, we plan to create additional financial tools to support this journey. What’s at stake is the financial security of the last 20-30 years of life for millions of Americans. Our mission, to ensure that people in all lines of work have access to retirement benefits, couldn't be more important. We’re hiring across all departments. If you are looking for a way to impact society through your work, please check out our open positions.

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