“Employers, for a few reasons – the financial burden, but also people just aren’t staying at organizations for 40 years anymore – they’re saying, ‘I’m still going to help you out with your retirement. But it might not be the old school defined benefit pension program, where you will work here for 40 years, and then we’ll fund your retirement for the next 25,’” Cook says, adding that this shift places financial literacy demands on workers who may have no background in investing or portfolio management.
