Umbrella covering the pink piggy bank. Isolated on white background
Umbrella covering the pink piggy bank. Isolated on white background

The younger you are, the farther off the future seems to be. However, a lot of what needs to be done to create a decent future must get done sooner than later.

Working with carpenters, I noticed that the youngest ones had the least interest in a 401(k) plan or an Individual Retirement Account (IRA). They were more motivated by cash in their pockets right now. The future would take care of itself.

Even when we as a company had to set up and make a minimum contribution to our employees' accounts, some of those folks would not make any deposits of their own.

At least once we had the plan manager we were working with give a brief presentation to our employees on the benefits of depositing more the younger that one is. The miracle of compound interest is very compelling, certainly after you understand it.

I spoke recently with John Gemmi, owner of Gemmi Construction in Mechanicsville, Pa. John told me that he arranged with his financial adviser to have a two-hour meeting with each of his employees. Some of the employees brought their spouse along.

These meetings have increased the level of participation by the employees in that company’s 401(k) program. This is a priceless gift to them and will make their futures better than they would have been.

What was the cost, you might be wondering, for this? $0. How come? John’s financial planner provides a variety of services to John and the company, all of which John pays him to do. So, he did the two-hour meetings for no additional charge.

Take the same opportunity with your employees. Help them look to the future. Ask the professionals you engage to manage your company’s plan if they can have such meetings with your employees.

Your employees will never forget the experience. Once they get to their respective futures they will look back and be grateful you made it happen.