Are you trying to help your employees become successful and financial stable? Here is a great article from Employee Benefits News on how employers are figuring out that technology is key to helping their employees achieve success in their financial well-being by Kathryn Mayer.
Financial literacy is an increasingly desirable benefit for employees. But many employers don’t offer budgeting assistance, and a majority of workers are reluctant to let their company get involved in their financial business.
Dean Harris realized that in order to make financial wellness appealing to both employers and employees, he had to design technology that delivered flexible, multi-layered and comprehensive financial education in a way that’s enjoyable for the user — and ensures privacy. The chief technology officer of iGrad — a technology-driven financial wellness education company — created and maintains the iGrad and Enrich platforms, which deliver choices to make financial wellness the backbone of any benefit program. The product aims to offer financial wellness benefits with minimal cost and time to the employer.
“Financial literacy empowers workers to take control of something they feel is out of their control,” says Harris, a 2017 recipient of an EBN Benefits Technology Innovator Award. “By offering more information and knowledge, they are better equipped to make the right financial choices that promise to have far-reaching positive effects.”
By applying data analysis on the behavior of the user both within the platform and with regard to his approach to money, the platforms offer responsive content and recommendations. As the user’s skills and knowledge increase, the algorithm adjusts accordingly to provide newer and more relevant content leading to increased engagement and learning possibilities.
Technology is vital in achieving financial goals, Harris says, in part because it provides employees the privacy they desire.
“Financial literacy is a delicate subject. Most people are not comfortable discussing their finances —especially not with their employer,” Harris explains. “The online financial literacy platform offers the personalized and self-guided learning that will help them without exposing their personal financial information to their employer.”
Furthermore, topics addressed through the platform provide “interest, engagement and learning” for employees, Harris says. And employers “gain the benefit of a newly focused and re-energized workforce without having to drill down into areas that are too personal.”
“Ultimately, technology has made it possible for everyone to gain access to the help they need while maintaining privacy and discretion,” Harris says.
See the original article Here.
Mayer K. (2017 May 9). Why technology is key to financial wellness success [Web blog post]. Retrieved from address https://www.benefitnews.com/news/why-technology-is-key-to-financial-wellness-success
Starting early is the best way to ensure dreams for life after work are realized, but when TIAA analyzed how Gen Y is saving for retirement, it found 32 percent are not saving any of their annual income for the future.
Knowing the importance of working with young people early in their careers to educate them about the merits of saving for a secure financial future, here are some approaches tailored to Gen Y participants:
Encouraging enrollment also helps younger workers get into the habit of saving consistently, and benefit from any matching funds. Emphasize the benefits of employer matching contributions as they help increase the amount being saved now, which could make a big impact down the line. Lastly, encourage regular increases in saving, which can be fairly painless if timed to an annual raise or bonus.
Despite the important role these vehicles can play in a retirement savings strategy, 20 percent of Gen Y respondents are unfamiliar with annuities and their benefits.
The good news is TIAA survey data revealed Gen Y sees the value financial advice can provide, with 80 percent believing in the importance of receiving financial advice before the age of 35.
We’ve found that the highest repeat users of our Financial IQ game are ages 24-34, and that Gen Y is significantly more engaged with the competition, with 50 percent more clicks.
Perhaps more than any other generation, Gen Y needs to understand the importance of saving for their goals for the future even if it’s several decades away. Employers play an integral role in kick-starting that process: first, by offering a well-designed retirement plan that empowers young people to take action; and second, by providing them with access to financial education and advice that encourages them to think thoughtfully about their financial goals—up to and through retirement.
McCabe C. (2017 April 14). Starting early is key to helping younger workers achieve financial success[Web blog post]. Retrieved from address http://www.benefitspro.com/2017/04/14/starting-early-is-key-to-helping-younger-workers-g?ref=hp-in-depth&page_all=1
Do you know which benefits your employees crave the most? Take a look at this great article from Hr Morning about the top employee benefits for each age group by Jared Bilski.
Depending on which demographic they fall into (Baby Boomer, Gen-X, Millennial, etc.), employees have vastly different benefit needs. So why do so many employers offer a one-sized-fits-all benefits package?
At the 2017 Mid-Sized Retirement & Healthcare Plan Management Conference in Phoenix, AZ, President and CEO of Cowden Associates Inc., Elliot N Dinkin, used the flexibility of the benefits offered through a private exchange as a reason for employers to give the exchange option a serious look.
Private exchanges — like public exchanges — are online marketplaces employers can use to provide coverage to their employees on everything from traditional benefits, like health insurance, to increasingly popular voluntary plans, like life, disability or cancer insurance.
Dinkin also used some compelling research to show just how greatly employees’ benefits needs varied from generation to generation.
Citing stats from a recent LIMRA study, which asked employees to rank their benefit needs, Dinkin laid out the top six responses of workers from 34 and under to employees 65-plus.
It’s worth noting that base pay was the top “need” for each and every employee demographic. The rest of the responses, however, were all over the map.
The youngest workers in the study ranked their benefits needs in the following order:
The mid-life workers prioritized their benefit needs like this:
Workers entering the latter stage of their careers ranked their benefit needs like this:
Older workers tend to place a premium on the type of work they’re doing and the reputation of their employers. Their priorities are as follows:
Jared Bilski (2017 March 31). From boomers to millennials, here are workers’ top 6 benefits needs. [Web blog post]. Retrieved from address http://www.hrmorning.com/from-boomers-to-millennials-here-are-workers-top-6-benefit-needs/
Are you using the proper communication channels to inform your employees about their benefits? Take a look at this great article from HR Morning about how to manage to communicate with your employees to keep them satisfied at work by Jared Bilski.
Good benefits communication is more important than the actual benefits you offer – at least when it comes to employee satisfaction.
Proof: When a company with a rich benefits program (i.e., better than industry standard) communicated poorly, just 22% of workers were satisfied with their benefits.
On the other hand, when an employer with a less rich benefits program communicated effectively, 76% of employees were satisfied with the benefits.
These findings come from a Towers Watson WorkUSA study.
At the at the 2017 Mid-Sized Retirement & Healthcare Plan Management Conference in Phoenix, AZ., Julie Adamik, the former head of Employee Benefits Training and Solutions at PETCO, highlighted the five most common benefits communication mistakes that put firms in the former category.
1. The information is boring. Many employees assume that if the info is about benefits, it’s probably boring. As a result, they tend to tune out and miss critical material.
2. The learning styles and preferences of different generations aren’t taken into account. With multiple generations working side-by-side, a one-size-fits-all approach is doomed to fail.
3. The budget is too low. If your company has a $15 million benefits package, you shouldn’t accept upper management’s argument that a $2,500 communication budget should cover it. HR and benefits pros need to take a stand in this area.
4. The language is “too professional.” Assuming that official-sounding language is better than “plain speak” is a common but costly communication mistake.
5. There’s too much information being covered. Cramming everything into a single open enrollment meeting is guaranteed to overwhelm employees.
Employers also need to be wary of relying too heavily on tech when it comes to benefits communication. Even though there are plenty of technological innovations in the world of benefits services and communications, but HR pros should never forget the importance of old-fashioned human interaction.
That’s one of the main takeaways from a recent Health Advocate study that was part of the whitepaper titled “Striking a Healthy Balance: What Employees Really Want Out of Workplace Benefits Communication.”
The study broke down employees’ preferred methods of benefits communications in a number of areas. (Note: Employees could select more than one answer.)
When asked how they preferred to receive health cost & administrative info, the report found:
Regarding their wellness benefits:
In terms of personal/emotional wellness issues:
Finally, when it came to managing chronic conditions:
Bilski J. (2017 April 4). 5 benefits communication mistakes that kill employee satisfaction [Web blog post]. Retrieved from address http://www.hrmorning.com/5-benefits-communication-mistakes-that-kill-employee-satisfaction/
“People don’t plan to fail they fail to plan. Retirement is about what you want out of life, what do you need to do to sustain the lifestyle you have become accustomed too? Unfortunately, most people in America never really retire because they have not planned properly. Retirement is a process that begins in your 20s, 30s, 40s.” – Garry Rutledge, Saxon Partner.
The biggest hurdle of retirement is getting something started. Getting a start on retirement early in life will provide a massive amount of appreciation over time. Even if only a small amount is put away early in life, compound interest will do much of the work. Here are some other ways to begin building your retirement funds.
In your 20s, time is your biggest ally when it comes to saving for retirement. Many people in their twenties are just getting out of school and excited to live life rather than thinking about putting something away for retirement that seems so far down the road.
Investigate any company options
Consider employer sponsored plans available- 401k, 457, 403(b) – different sectors of the economy have different company sponsored retirement plans.
Know where you are headed.
Save outside of work
It is about late 30s when people begin to realize retirement is not that far away. This is the time in life that people are thinking about beginning families and having kids, it is also the point in life that you can start understanding what realistic retirement goals look like. “In my 28 years of experience,” Garry explained, “most people don’t start planning for retirement until their late 30s.” Whether you’re already saving or just starting now, carrying good habits throughout your 30s can pay off in the future.
Company sponsored plans are key
Keep it balanced
College is important, but retirement comes first
The biggest thing at this point in life is “Do you know what your plan is and are you on track?” If you build a house, you start with a plan. Same is true for retirement.
This is the time to be deciding if you are on track for retirement. Do you have a plan and a budget? Have you created a financial plan? Do you know how you want to retire? Your perspective of what retirement looks like is truly your reality.
The closer you get to 65, the retirement age, more alarms that are beginning to go off. If you haven’t done anything at this point you must take a serious look at what your plans are
Slow and Steady
If you have not begun planning…
Know your alternatives
• A thing to consider that most people don’t plan for is long term care. This is a good option to explore because it is still cheap enough in your 50s to afford.
• Consider how social security will play into your financial plan. Make sure you maximize your social security benefit.
• Have you changed your investment risk to meet your risk tolerance? As you get older your investments cannot generally tolerate the same amount of risk. The sequence of returns in retirement can devastate your retirement plan.
Seek professional help and guidance
“The advisors at Saxon can help you create a plan for the future and offer suggestions on how to invest money,” explained Garry. “Asking for help is one of the best things you can do – people are busy – and developing a plan and having a ‘coach’ to make sure you stick to the plan when things seem bleak will reward you over time”.
To download the full article click Here.
Do you know everything you need to know about your 401(k)? Check out this great article from Employee Benefit News about the top 10 misconceptions people have about their 401(k)s by Robert C. Lawton.
Unfortunately for plan sponsors, 401(k) plan participants have some big misconceptions about their retirement plan.
Having worked as a 401(k) plan consultant for more than 30 years with some of the most prestigious companies in the world — including Apple, AT&T, IBM, John Deere, Northern Trust, Northwestern Mutual — I’m always surprised by the simple but significant 401(k) plan misconceptions many plan participants have. Following are the most common and noteworthy —all of which employers need to help employees address.
1. I only need to contribute up to the maximum company match
Many participants believe that their company is sending them a message on how much they should contribute. As a result, they only contribute up to the maximum matched contribution percentage. In most plans, that works out to be only 6% in employee contributions. Many studies have indicated that participants need to average at least 15% in contributions each year. To dispel this misperception, and motivate participants to contribute something closer to what they should, plan sponsors should consider stretching their matching contribution.
2. It’s OK to take a participant loan
I have had many participants tell me, “If this were a bad thing why would the company let me do it?” Account leakage via defaulted loans is one of the reasons why some participants never save enough for retirement. In addition, taking a participant loan is a horribleinvestment strategy. Plan participants should first explore taking a home equity loan, where the interest is tax deductible. Plan sponsors should consider curtailing or eliminating their loan provisions.
3. Rolling a 401(k) account into an IRA is a good idea
There are many investment advisers working hard to convince participants this is a good thing to do. However, higher fees, lack of free investment advice, use of higher-cost investment options, lack of availability of stable value and guaranteed fund investment options and many other factors make this a bad idea for most participants.
4. My 401(k) account is a good way to save for college, a first home, etc.
When 401(k) plans were first rolled out to employees decades ago, human resources staff helped persuade skeptical employees to contribute by saying the plans could be used for saving for many different things. They shouldn’t be. It is a bad idea to use a 401(k) plan to save for an initial down payment on a home or to finance a home. Similarly, a 401(k) plan is not the best place to save for a child’s education — 529 plans work much better. Try to eliminate the language in your communication materials that promotes your 401(k) plan as a place to do anything other than save for retirement.
5. I should stop making 401(k) contributions when the stock market crashes
This is a more prevalent feeling among plan participants than you might think. I have had many participants say to me, “Bob, why should I invest my money in the stock market when it is going down. I’m just going to lose money!” These are the same individuals who will be rushing into the stock market at market tops. This logic is important to unravel with participants and something plan sponsors should emphasize in their employee education sessions.
6. Actively trading my 401(k) account will help me maximize my account balance
Trying to time the market, or following newsletters or a trader’s advice, is rarely a winning strategy. Consistently adhering to an asset allocation strategy that is appropriate to a participant’s age and ability to bear risk is the best approach for most plan participants.
7. Indexing is always superior to active management
Although index investing ensures a low-cost portfolio, it doesn’t guarantee superior performance or proper diversification. Access to commodity, real estate and international funds is often sacrificed by many pure indexing strategies. A blend of active and passive investments often proves to be the best investment strategy for plan participants.
8. Target date funds are not good investments
Most experts who say that target date funds are not good investments are not comparing them to a participant’s allocations prior to investing in target date funds. Target date funds offer proper age-based diversification. Many participants, before investing in target date funds, may have invested in only one fund or a few funds that were inappropriate risk-wise for their age.
9. Money market funds are good investments
These funds have been guaranteed money losers for a number of years because they have not kept pace with inflation. Unless a participant is five years or less away from retirement or has difficulty taking on even a small amount of risk, these funds are below-average investments. As a result of the new money market fund rules, plan sponsors should offer guaranteed or stable value investment options instead.
10. I can contribute less because I will make my investments will work harder
Many participants have said to me, “Bob, I don’t have to contribute as much as others because I am going to make my investments do more of the work.” Most participants feel that the majority of their final account balance will come from earnings in their 401(k) account. However, studies have shown that the major determinant of how much participants end up with at retirement is the amount of contributions they make, not the amount of earnings. This is another misconception that plan sponsors should work hard to unwind in their employee education sessions.
Make sure you address all of these misconceptions in your next employee education sessions.
Lawton R. (2017 April 4). The 10 biggest 401(k) plan misconceptions[Web blog post]. Retrieved from address https://www.benefitnews.com/opinion/the-10-biggest-401-k-plan-misperceptions?brief=00000152-14a5-d1cc-a5fa-7cff48fe0001
Did you know that now more than ever Americans are giving up on their dreams of retirement? Find out about the somber facts facing the older generation of workers in the great article from Benefits Pro by Marlene Y. Satter.
It’s a grim picture for older workers: half either plan to postpone retirement till at least age 70, or else to forego retirement altogether.
That’s the depressing conclusion of a recent CareerBuilder survey, which finds that 30 percent of U.S. workers aged 60 or older don’t plan to retire until at least age 70—and possibly not then, either.
Another 20 percent don’t believe they will ever be able to retire.
Why? Well, money—or, rather, the lack of it—is the main reason for all these delays and postponements.
But that doesn’t mean that workers actually have a set financial goal in mind; they just have this sinking feeling that there’s not enough set aside to support them.
Thirty-four percent of survey respondents aged 60 and older say they aren’t sure how much they’ll need to save in order to retire.
And a stunning 24 percent think they’ll be able to get through retirement (and the potential for high medical expenses) on less than $500,000.
Others are estimating higher—some a lot higher—but that probably makes the goal of retirement seem even farther out of reach, with 25 percent believing that the magic number lies somewhere between $500,000–$1,000,000, 13 percent shooting for a figure between $1–2 million, 3 percent looking at $2 million to less than $3 million and (the) 1 percent aiming at $3 million or more.
And if that’s not bad enough, 26 percent of workers 55 and older say they don’t even participate in a 401(k), IRA or other retirement plan.
With 74 percent of respondents 55 and older saying they aren’t making their desired salary, that could play a pretty big part in lack of participation—but that doesn’t mean they’re standing still. Eight percent took on a second job in 2016, and 12 percent plan to change jobs this year.
Predictably, the situation is worse for women. While 54.8 percent of male respondents aged 60+ say they’re postponing retirement, 58.7 percent of women say so.
Asked at which age they think they can retire, the largest groups of both men and women say 65–69, but while 44.9 percent of men say so, just 39.6 percent of women say so.
In addition, 24.4 percent of women peg the 70–74 age range, compared with 21.1 percent of men, and 23.2 percent of women agree with the gloomy statement, “I don’t think I’ll be able to retire”—compared with 18 percent of men.
And no wonder, since while 21.7 percent of men say they’re “not sure” how much they’ll need to retire, 49.3 percent of women are in that category.
Women also don’t participate in retirement plans at the rate that men do, either; 28.3 percent of male respondents say they don’t participate in a 401(k), IRA or other retirement plan, but 35.4 percent of female respondents say they aren’t participating.
For workers in the Midwest, a shocking percentage say they’re delaying retirement: 61.6 percent overall, both men and women, of 60+ workers saying they’re doing so.
Those in the fields of transportation, retail, sales, leisure and hospitality make up the largest percentages of those putting off retirement, at 70.4 percent, 62.5 percent, 62.8 percent and 61.3 percent, respectively. And 46.7 percent overall agree with the statement, “I don’t think I’ll be able to retire.”
Incidentally, 53.2 percent of those in financial services—the largest professional industry group to say so—are not postponing retirement.
They’re followed closely by those in health care, at 50.9 percent—the only other field in which more than half of its workers are planning on retiring on schedule.
And when it comes to participating in retirement plans, some industries see some really outsized participation rates that other industries could only dream of. Among those who work in financial services, for instance, 96.5 percent of respondents say they participate in a 401(k), IRA or comparable retirement plan.
That’s followed by information technology (88.2 percent), energy (87.5 percent), large health care institutions (85.8 percent—smaller health care institutions participate at a rate of 51 percent, while overall in the industry the rate comes to 75.5 percent), government employees (83.6 percent) and manufacturing (80.2 percent).
After that it drops off pretty sharply, and the industry with the lowest participation rate is the leisure and hospitality industry, at just 43.4 percent.
Satter M. (2017 March 31). Half of mature workers delaying or giving up on retirement [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/03/31/half-of-mature-workers-delaying-or-giving-up-on-re?ref=mostpopular&page_all=1
Have your millennial workers started saving for retirement? If not take a look at this great article from HR Morning about the amount of money millennials need to save for retirement by Christian Schappel.
Want to jolt your younger workers into contributing more to your company-sponsored retirement plans? Just show them this figure.
After looking at several studies, estimates and financial experts’ opinions, Robert Powell, USA Today’s retirement planning expert and editor of Retirement Weekly, is predicting that millennials will need upwards of $2.5 million saved to comfortably retire.
That estimate is for the youngest millennials — those born in the late 1990s.
The news isn’t quite as bleak for those born in the 1980s. Their retirement savings goal, according to Powell: $1.8M.
Here are the numbers behind the estimates.
Powell’s assuming millennials will need to live on between $30K and $40K annually in retirement (in today’s dollars).
Plus, a modest rate of inflation (2%) will make $1M of today’s dollars worth about $530K in 32 years, and roughly just $386K in 48 years.
You can see Powell’s breakdown in more detail here.
The bottom line is this: For today’s millennials to hit that $2.5M number in 48 years, Powell said they’d need to save about $1,000 per month — and that’s assuming there’s 5% growth on their investments annually. That’s a staggering amount that, most likely, your employees aren’t coming close to hitting.
Still, every little bit helps. And if these figures can encourage employees to increase their savings even a little, they’ve done their job.
Schappel C. (2017 February 23). Expert: the staggering new retirement savings number millennials have to hit [Web blog post]. Retrieved from address http://www.hrmorning.com/expert-the-staggering-new-retirement-savings-number-millennials-have-to-hit/
Do you know what your employees prioritize in their financial wellness program? Take a look at this article from Employee Benefits News about how more employees are placing debt as their number one priority in their financial wellness plans by Kathryn Mayer.
As research continues to pile up about employees’ dire financial state, many employers are left wondering how best to help their workers become financially stable.
Step one? Help them get rid of debt.
“Debt is the biggest [financial well-being] issue right now,” Meghan Murphy, director of thought leadership at Fidelity Investments, said Tuesday during the NAPA 401k Summit in Las Vegas. “Debt is becoming a way of life for all generations.”
There’s a “huge focus” for employers to take action right now in helping employees pay down student loans, Murphy said. It’s an issue plaguing everyone from millennials entering the workforce with massive amounts of debt to baby boomers who have their own student loans and are looking to finance their children’s education as well.
“Not only is [student loan repayment] great for retention, but it makes employees feel great,” she said.
Though student loan debt is garnering more attention in the workforce, it should not be the only area of focus, she said. Credit card debt, 401(k) loans and mortgage loans should also be priorities. In particular, many employers are beginning to put plans in place for ways to manage 401(k) loans by limiting the number of loans allowed or putting a waiting period in place for employees to get the money. “People are very attached to the concept that they can have the money if needed, but we have to find a way to stop that.
“A lot of education is needed in the workplace with debt — student loan debt, credit card debt … there’s not a single focus. If [employees] can pay down debt in general, [they] can save more. Even if employees can save a little bit, with whatever tools we can build and whatever tools and engagement employers offer, that would go a long way.”
Emergency savings also should be a big area of focus for financial wellness,” Murphy said. According to Fidelity’s research, employees do not think long term when it comes to financial goals; 27% of employees only think about the next few months when it comes to money. People who lack emergency savings are twice as likely to say they do not feel good about their finances, Murphy added.
“Most people don’t have an emergency savings account, and most people who do are afraid to spend it,” she said.
What the industry should do — and is starting to do — is to come up with ways to automate emergency savings, similar to automating retirement accounts savings.
Overall, employees’ financial state is pretty dire, Murphy said, citing Fidelity Investment research. In addition to meager savings, financial stress is wreaking havoc in the workplace. More than half of millennials say they’re less committed to work when experiencing money problems, and 28% say they are distracted at work because of it. Another 24% of workers say they avoid medical treatment due to financial problems.
“It’s all very cyclical,” Murphy said. “If you have a health issue, it can impact your money; it can impact your job. If you have a money issue, it can impact your health; it can impact your job. And it all impacts our happiness.”
The overall takeaway is financial wellness is needed in a big way.
“Employees really, really want help to make financial decisions and employers are starting to step up to take this role,” she said.
Mayer K. (2017 March 21). Debt should be priority in financial wellness programs [Web blog post]. Retrieved from address https://www.benefitnews.com/news/debt-should-be-priority-in-financial-wellness-programs?tag=00000151-16d0-def7-a1db-97f03c840000
Great article from SHRM about the importance of educating your employees about their social security by Irene Saccoccio.
Social Security is with you throughout life’s journey, and we want to put your employees in control of their finances and future. With the tax filing deadline quickly approaching, everyone needs to make sure all their ducks are in a row before they file. Do your employees know that Social Security benefits may be taxable?
It’s true. About forty percent of people receiving Social Security benefits must pay taxes on some of these benefits, depending on the amount of their taxable income for the year. This includes all monthly retirement, survivor, and disability benefits. This may happen if your employees have other significant income in addition to their Social Security benefits.
The good news is that it’s easy to find out whether they must pay taxes on their benefits. All your employees need to look at their Social Security Benefit Statement (Form SSA-1099/1042S). An SSA-1099 is a tax form Social Security mails each year in January to people who receive Social Security benefits. It shows the total amount of benefits they received from Social Security in the previous year so they know how much Social Security income to report to IRS on their tax returns.
Your employees should automatically receive this form. If they don’t receive their Benefit Statement or misplaced it, no need to worry. A replacement SSA-1099 or SSA-1042S is typically available for the previous tax year after February 1. Even better news, Social Security has made requesting or replacing an annual Benefit Statement even easier. Now everyone has the ability to download it anytime and anywhere by using our online services.
Your employees can go to our my Social Security page, and select “Sign In or Create an Account.” Once they are logged in, they should select the “Replacement Documents” tab to obtain a replacement 1099 or 1042S benefit statement. Your employees can also use their personal my Social Security account to keep track of their earnings each year, manage their benefits, and more.
Your employees can also obtain a replacement benefit statement by calling us at 1-800-772-1213 (TTY 1-800-325-0778), or contacting their local Social Security Office. People living outside of the United States, need to contact their nearest U.S. Embassy or Consulate.
Handling tax season is all about what you know. Encourage your employees not to wait. They should open a personal my Social Security account today. In addition to getting a SSA-1099 or 1042S, there are many other tools like their Social Security Statement or benefit verification letter that can help them today. Just another way in which Social Security helps them secure today and tomorrow.
Saccoccio I. (2017 March 24). What your employees should know about social security benefits and taxes [Web blog post]. Retrieved from address https://blog.shrm.org/blog/what-your-employees-should-know-about-social-security-benefits-and-taxes