Compared to other generations, Baby Boomers may be the least prepared to face retirement. This may be because they haven’t been encouraged to save for retirement in the same way as younger generations. “People don’t run out of retirement money at the beginning when they’re 65 and can go back to work; they run out when they’re 80 and they can’t go back to work,” wrote Kathryn Mayer for Employee Benefit News.


The good news? It’s not too late. Here are four ways you can help Boomers prepare to retire.


Educate Them

Advisors can emphasize the importance of traditional retirement savings vehicles, like the 401(k) and IRA. However, they should also emphasize the effectiveness of lesser-known tools, like Health Savings Accounts.

“Although HSAs are intended for medical purposes,” Cort Olsen wrote for Employee Benefit News. “Many reaching retirement age are discovering that the money saved within an HSA can just as easily be carried over into retirement years to help pay for future medical costs that will inevitably occur as the retiree gets older,” continued Olsen.


Coach Them

“The first thing every Baby Boomer needs when preparing for retirement is a financial plan to get an idea of what they will need once they are ready to retire,” Olsen wrote. Financial wellness programs are growing in popularity as a voluntary benefit, and they can allow Baby Boomers to fix financial issues as they look to retirement.


Virtual financial coaches can also be a low-cost way to do this, Mayer added. “Tools like interactive virtual coaches can have astounding results,” she writes.


Automate Their Savings

“Don’t put the onus on employees to enroll in plans or to invest enough — instead, do it for them automatically,” Mayer wrote. This essentially takes retirement preparation past education and forces a change in behavior, she writes.


Share a Positive Outlook

Efforts like these can make all the difference in making retirement possible for Baby Boomers, wrote Stephen Miller for the Society of Human Resource Management. “Providing tools, resources, and programs to help senior workers save during their remaining working years, and to understand their financial options when they retire, can benefit both older and younger employees,” he wrote. “Despite the doom and gloom around the Baby Boomer retirement crisis, this generation has demonstrated a willingness to change, adapt and improve.”