This episode is brimming with valuable insights, particularly for healthcare professionals looking to navigate the complexities of retirement and employee benefits. Hosted by Bo Brabo and Luke Carignan, the episode features the expertise of Rachel Duncan and Kameka Grady from Lincoln Financial, our proud sponsor for January 2025.

Key Highlights from the Episode:

1. Asset Distribution and Financial Literacy:
   
   • Rachel discusses the critical issue of asset distribution in retirement accounts, underscoring the necessity of personalized education. She notes that an astounding 88% of full-time healthcare workers carry debt, which significantly impacts their retirement savings.
2. Supporting the Healthcare Workforce:
   
   • Rachel emphasizes the indispensable role of healthcare workers, portraying them as selfless service providers and unsung heroes. She also shares a touching personal story about her daughter's aspiration to enter the field of nursing.
3. Customization Over One-Size-Fits-All:
   
   • Lincoln Financial adopts a tailored approach to financial education, moving away from a one-size-fits-all model. This strategy includes offering one-on-one support and virtual tools to enhance financial literacy among healthcare employees.
4. Pioneering Solutions with Candidly:
   
   • Rachel introduces Lincoln Financial's partnership with Candidly, a company dedicated to helping healthcare workers with student loan refinancing and forgiveness, achieving an average monthly savings of $400 for participants.
5. Addressing Retirement Challenges:
   
   • Kameka outlines strategies for paying off debts, managing student loans, and creating actionable retirement plans. She also discusses Lincoln Financial’s involvement in the Collaborative for Equitable Retirement Savings, targeting disparities in retirement savings systems by race and gender.
6. Impact of Financial Education:
   
   • The episode sheds light on the significant wealth gap exacerbated by financial illiteracy. Programs like Lincoln Aspires aim to build trust and provide customized financial education to ensure equitable retirement outcomes.

Exclusive Insights for HR Professionals:

• The emphasis on the paternalistic approach of healthcare employers, like CEOs personally writing thank-you notes, highlights the importance of creating a supportive work environment.
• The significance of in-person interactions for benefit education and the successful integration of virtual formats post-COVID-19 is discussed, demonstrating the adaptability required in current times.

Stay Tuned:

The conversation about financial literacy and retirement planning in healthcare continues to evolve. Make sure to subscribe and stay tuned for more enlightening episodes from The ASHHRA Podcast, where we bring you frontline insights to empower the future of healthcare.

Thank you for being part of our community!

Warm Regards,

The ASHHRA Podcast Team

Sponsor information

www.LFG.com/Healthcare

Lincoln Financial annuities, life insurance, and workplace solutions help nearly 17 million customers confidently plan for their financial future. Lincoln Financial. Your Tomorrow. Our Priority. Lincoln Financial is the marketing name for Lincoln National Corporation and its insurance companies and broker/dealer affiliate Lincoln Financial Distributors, Inc.

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