A good retirement benefit package may keep men more loyal to the company, according to a new Bank of America and Merrill Lynch Wealth Management survey. After compensation and promotions, retirement benefits are the most highly valued job perk by men with investable assets of $250,000 or more.
Affluent women, however, prize enjoying what they do (68 percent) and having a good boss (56 percent) more highly than their 401(k) or pension (54 percent). Both men and women say health care benefits are an important factor keeping them with their current employer (56 percent and 62 percent respectively).
Flexible work arrangements play a larger role in keeping women loyal to the company than men. A convenient commute (43 percent) and flex time (35 percent) are enticing many women to remain at their current jobs, while a quarter or less of the men say these are important job attributes.
Just over half (54 percent) of affluent Americans say they will rely solely or heavily on retirement plans offered by their employer in retirement. But that doesn’t necessarily mean that workers are happy with their retirement benefits. Most of the affluent employees surveyed (70 percent) say their retirement plan doesn’t take into account the potential for unexpected events, such as a serious illness, a significant downturn in investment markets, or job loss. Almost half (45 percent) of the workers expect to delay retirement until an older age than they originally planned for.