Employers should provide pensions and retirement education. This includes the portability of benefits. Long Term Care Planning Education about long term care insurance and on how to prepare for meeting one s long term care needs is critical. The current and future shortage of long term care workers may affect how individuals plan for their long term care needs. If there is no clear incentive to provide more benefits or retirement education, businesses won t provide them.
Businesses feel little responsibility to educate someone who is only temporarily their employee.
Businesses are not looking for more benefits for employees or additional responsibilities or anything that affects the bottom line. Businesses are increasingly wary about providing a company pension because of the unknown future liability. Hence the move away from defined benefits and toward defined contributions. Employers may feel uncomfortable bringing in someone to provide financial advice for their employees for fear of future liability. However, not all employees have this sense of entitlement, some do not expect social security to be around for them when they retire.