Juanita met me after our quarterly strategy meeting. We’d just gone over participation metrics, and I couldn’t shake the feeling something was off.
“David,” she said, “we’ve got employees in their 60s and others fresh out of college. We’re trying to engage all of them with the same retirement plan. It’s not working.”
“That’s because it’s not the same plan for everyone,” I replied, grabbing my coffee. “Same structure, sure—but different strategies, different messaging.”
“Okay,” she said, “walk me through it.”
“Start with Boomers. A lot of them are working longer—some by choice, others by necessity. Do you allow in-service withdrawals at 59½?”
She nodded. “Yes.”
“Great. Make sure they know. It lets them ease into retirement without quitting cold turkey.”
I continued. “Gen X is in their peak earning years but also paying for college and taking care of aging parents. They need education about catch-up contributions and how to make their money work harder, so providing them with financial education is critical to helping them save for retirement.
“What about Millennials?” she asked.
“Millennials are tech-savvy, debt-heavy, and just starting to build wealth. Loan provisions can help—if used responsibly. And they may benefit from Roth contributions while they’re in lower tax brackets.
“And while I generally discourage participants from taking out a loan against their vested account balance, this is one instance where taking a loan could be a savvy financial move. Think about it: they can pay down their student loan’s principal balance while the principle and the interest go back into their account. In a very real sense, they are acting as their own bank. “
“And Gen Z?”
I smiled. “They’re just entering the workforce. They want transparency, flexibility, and purpose. Roth options, ESG funds, and mobile access matter to them, but they won’t read a PDF or attend a 90-minute webinar. You need to engage them with short videos, interactive tools, and maybe a few memes.”
Juanita laughed. “So different strokes for different folks?”
“Exactly,” I said. “We can help you segment your communication to each group. Offer one-on-one sessions. Tailor your messaging. A one-size-fits-all plan might check a compliance box—but it won’t inspire action.”