In this short interview from the floor of the Excel 401k Conference in Las Vegas, John Sullivan of 401k Specialist speaks with Edward Dressel, president of RetireReady Solutions, about a crucial question in retirement planning: “Can I retire?” According to Dressel, this simple yet powerful question is the key to truly engaging retirement plan participants.
Dressel emphasizes that most participants are not interested in the technical details of asset allocation, fees, or fiduciary responsibilities. Instead, they want a clear understanding of their retirement readiness. The goal, he explains, should be to help individuals see their current status and identify actionable steps to improve it.
He introduces the Retirement Analysis Kit (TRAK), a tool his company has offered for over 30 years, which provides one-on-one and group education. A highlight is the Participant Gap Report, a one-page summary created from census data that shows individuals where they stand regarding retirement preparedness. This tool has been used for the past 7–8 years.
As of the interview date, RetireReady Solutions launched a new service: advisors can now send in their census data, and the company will generate participant reports on their behalf. This eliminates the need for advisors to learn or purchase the software themselves.
Dressel concludes by reinforcing that retirement education must be personalized and practical. It shouldn’t aim to make participants into mini-advisors, but rather to get them leaning forward, engaged, and focused on their retirement journey.
Kane emphasizes the multi-faceted and proactive nature of financial wellness, suggesting that it’s a more holistic, impactful approach to financial planning and retirement readiness than traditional methods.