More than eight in 10 logistics workers are participating in a retirement plan on Human Interest's platform
Offering a 401 plan for employees at a small business is hard — it costs money, it takes time to manage and the details can be overwhelming. At least, that was the experience of Sheeraz Khan, president of logistics company KDL.
Logistics workers — the people who are responsible for the thousands of packages delivered to consumers every day — are hungry for retirement plans. Human Interest, a retirement plan provider that Khan is working with, has found the logistics sector is very engaged with the offering.
More than eight in 10 of these eligible workers are participating in a plan now, compared to all of the eligible workers on Human Interest’s platform, who have a participation rate of 70%. Logistics workers have an average savings rate of 4.4%, according to Human Interest. Financial advisers typically suggest putting away 10-15% for savings goals, but having any amount of money regularly contributed to a plan is a step in the right direction. Workers will benefit from the magic of compound interest, especially if they have decades between when they started saving and retirement, Schneble said. “It is a lot better than zero,” he said. “Whatever they save, it is something.
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