IN TIMES OF CHAOS CHOOSE TO INNOVATE Continued from page 20 This valuable income source (Social Security) has How we’re helping plan sponsors help employees been slipping out of many retirement income pursue retirement success: projections—especially for younger workers, even though 66% of Gen Xers and 64% of Millennials • Developing estimates of a retirement plan’s who participated in the 2019 Wells Fargo Annual success ratio: Based on its current plan design, we can project the plan’s potential for helping Retirement Study agreed with this statement: participants accumulate adequate savings for “I have no idea what I would do without Social their retirement income needs. Security in retirement if it weren’t there.” • Creating retirement income checklists: In our view, even if the Social Security program Among other things, the checklist facilitates is modified at some point down the road, understanding a plan’s design to allow for its retirement benefits are likely to remain a taking various types of distributions during substantial income component for many future retirement. retirees. Educating employees about the projected • Considering innovative retirement income contribution of Social Security benefits to their solutions: These would be intended to future retirement income provides information pensionize some or all of a person’s retirement that’s essential as they work toward a financially savings into a recurring income stream that independent future. lasts a lifetime. We’re also asking plan sponsors to promote a • Researching non-guaranteed income options: “planning mindset” within their organization. We These would be intended for use by plan characterize employees with a planning mindset sponsors who don’t wish to incorporate a as those who set short- and long-term financial solution that includes annuities. goals and actively work toward achieving them. Wells Fargo’s research shows that participants with a planning mindset are more likely to describe their —Nate Miles lives as “thriving,” have less financial stress, and have more assets saved for retirement. To make it easier for employees to adopt a planning mindset, we’ve developed tools—like our retirement planning guide, “New Rules of the Road: A Road Map for Pursuing Retirement Success”—to help simplify their retirement planning process. Going forward, we’ll continue striving to deliver even more features and tools, like those on the right, designed to help plan sponsors help their employees attain financial independence throughout retirement. 28