Insights

Public service employees are the backbone of our communities, dedicating their careers to teaching our children, ensuring public safety, and providing essential health services. Yet a significant portion of these workers fear they won’t have enough funds to retire securely.

The findings are concerning:

42% of public service workers are afraid they’ll outlive their retirement savings.

37% feel their retirement planning is insufficient or delayed.

Rising costs and debt continue to weigh heavily on their financial outlook.

These challenges shed light on a deeper issue: public service employees often face unique financial barriers that make achieving a secure retirement difficult.

The Retirement Challenges Public Servants Face

Dependence on Pensions: While pensions offer a steady stream of retirement income, they’re not always enough to meet modern living and healthcare costs, leaving many with a funding gap.

Budgeting Constraints: Public service salaries, while stable, tend to lag behind private-sector roles. With limited room to save, especially amid economic uncertainties, retirement contributions often take a back seat.

Lack of Awareness and Resources: According to the article, many workers don’t feel adequately informed about their retirement options, leaving them unprepared to make strategic decisions for their future.

These factors combine to create an overwhelming sense of financial insecurity, forcing many to question whether they’ll be able to maintain their quality of life in retirement.

Solutions Start with Awareness

The first step to overcoming these challenges is education. Public service employees must be equipped with the knowledge and tools to better understand their retirement benefits and identify strategies to close any gaps. Employers also play a critical role, providing not just pension plans but complementary resources such as 403(b) accounts, student loan assistance, or financial wellness programs.

Moving Forward with Confidence

Public service employees deserve a retirement that reflects the value of their work and commitment. At Aviben, we’re passionate about enabling public employers to help their employees.

Let’s start the conversation today. Contact us and schedule a consultation with our team to explore strategies tailored to your unique needs and goals. Your employees deserve a secure future, and together, we can make it a reality.