LSA for retirement planning services

Help your employees secure their financial future with Forma's flexible Lifestyle Spending Account solutions designed to support retirement planning and financial wellness initiatives.

LSA for retirement planning services: empowering employees to build financial security

An LSA for retirement planning services provides employees with dedicated funds to access professional financial guidance, retirement planning tools, and investment education resources. This benefit helps reduce financial stress while empowering your workforce to make informed decisions about their long-term financial security.

What is an LSA for retirement planning services?

An LSA for retirement planning services is an employer-funded benefit account that allows employees to use allocated funds for professional financial planning assistance. These accounts can cover expenses such as consultations with financial advisors, retirement planning workshops, investment education courses, budgeting software subscriptions, and debt management programs.

Unlike traditional retirement benefits that focus solely on employer contributions, this LSA category addresses the broader spectrum of financial wellness by providing access to expert guidance and educational resources. Employees can use these funds to work with certified financial planners, attend retirement seminars, or access premium financial planning software that helps them create comprehensive retirement strategies.

Can I get an LSA for retirement planning services with Forma?

Yes, retirement planning services are typically eligible expenses under LSA programs, making them an excellent addition to your employee benefits package. Financial wellness has become a critical component of comprehensive benefits, as employees increasingly seek support in managing their financial futures.

Offering an LSA for retirement planning services through Forma demonstrates your commitment to employee financial wellness beyond traditional retirement plans. This benefit is particularly valuable for employees who may need guidance on investment strategies, debt management, or retirement timeline planning. By providing access to professional financial services, you're helping employees make informed decisions that can significantly impact their long-term financial security.

Forma's platform makes it simple to administer these benefits while giving employees the flexibility to choose the financial planning resources that best meet their individual needs and circumstances.

Why choose an LSA for retirement planning services?

Reduce employee financial stress

Financial concerns are among the top stressors affecting workplace productivity. By providing access to professional financial planning services, you help employees address money-related anxiety and focus better on their work responsibilities.

Attract and retain top talent

Comprehensive financial wellness benefits set your organization apart in a competitive job market. Employees increasingly value employers who invest in their long-term financial success, leading to improved retention rates.

Support diverse financial needs

Every employee has unique financial circumstances and retirement goals. LSAs provide the flexibility for employees to choose the specific financial planning services that align with their individual situations and objectives.

Complement existing retirement benefits

While traditional 401(k) plans focus on savings accumulation, LSAs for retirement planning services address the education and guidance gap, helping employees make smarter decisions about their existing retirement accounts.

Demonstrate long-term employee investment

Offering financial planning benefits shows employees that you care about their success beyond their current role, fostering loyalty and engagement throughout their careers.

How does an LSA for retirement planning services work?

Step 1: Employer allocates funds

Your organization determines the annual LSA allocation for each employee, typically ranging from $500 to $2,000 per year, depending on your budget and employee needs.

Step 2: Employees access financial services

Employees can use their LSA funds to pay for eligible retirement planning services, including financial advisor consultations, retirement planning software, investment education courses, and debt management programs.

Step 3: Simple reimbursement process

Employees submit receipts for their financial planning expenses through Forma's user-friendly platform, where claims are processed quickly and efficiently.

Step 4: Ongoing support and guidance

Forma provides resources to help employees understand eligible expenses and maximize their LSA benefits, ensuring they get the most value from their financial planning investments.

What are the benefits of an LSA for retirement planning services?

Improved financial literacy

Employees gain access to professional education and guidance that helps them make informed decisions about investments, retirement timing, and financial planning strategies.

Reduced financial anxiety

Professional financial planning support helps employees feel more confident about their financial future, reducing stress that can impact work performance and overall well-being.

Better retirement preparedness

With access to expert guidance, employees can create more effective retirement strategies, potentially improving their long-term financial outcomes and reducing the likelihood of working beyond their desired retirement age.

Increased employee engagement

Financial wellness benefits demonstrate your investment in employee success, leading to higher job satisfaction and stronger commitment to your organization.

Customizable benefit utilization

Employees can choose the specific financial planning services that best meet their needs, whether they're just starting their careers or approaching retirement age.

Secure your employees' financial future with LSA benefits

Implementing an LSA for retirement planning services represents a strategic investment in your employees' long-term financial wellness. This benefit addresses a critical gap in traditional benefits packages by providing access to professional financial guidance and education resources.

By offering these flexible spending accounts, you're not only helping employees build better financial futures but also creating a more engaged and less stressed workforce. The result is improved productivity, higher retention rates, and a stronger employer brand that attracts top talent who value comprehensive financial wellness support.

Frequently asked questions about LSA for retirement planning services

What types of retirement planning services are eligible for LSA reimbursement?

Eligible services typically include consultations with certified financial planners, retirement planning workshops and seminars, investment education courses, financial planning software subscriptions, debt management programs, and estate planning consultations. The specific eligible expenses may vary depending on your organization's LSA policy, but generally include any professional service or educational resource that helps employees plan for their financial future. It's important to work with your benefits administrator to establish clear guidelines about which services qualify for reimbursement under your program.

How much should we allocate for retirement planning services LSAs?

Most organizations allocate between $500 and $2,000 annually per employee for financial wellness LSAs, though the amount can vary based on your budget and employee demographics. Consider factors such as your workforce's average age, current financial literacy levels, and existing retirement benefits when determining allocation amounts. You might also consider offering tiered allocations based on tenure or salary levels to maximize the benefit's impact across different employee segments.

Can employees use LSA funds for ongoing financial advisor relationships?

Yes, employees can typically use LSA funds for both one-time consultations and ongoing financial advisor relationships, as long as the services relate to retirement planning and financial wellness. This flexibility allows employees to choose between comprehensive financial planning relationships or targeted consultations based on their individual needs and preferences. Some employees may prefer annual check-ins with a financial advisor, while others might benefit from more frequent guidance during major life transitions.

How do LSAs for retirement planning services differ from traditional retirement benefits?

While traditional retirement benefits like 401(k) plans focus on providing a vehicle for retirement savings, LSAs for retirement planning services address the education and guidance component of financial wellness. These accounts help employees learn how to make better decisions about their existing retirement accounts, understand investment options, create comprehensive financial plans, and address broader financial wellness topics like debt management and estate planning. Think of LSAs as complementing your existing retirement benefits by providing the knowledge and professional support employees need to maximize their financial success.

What documentation do employees need to provide for LSA reimbursements?

Employees typically need to provide receipts or invoices from qualified financial service providers, along with a brief description of the services received. Documentation should clearly show the service provider's name, date of service, amount paid, and type of service provided. For ongoing services like financial planning software subscriptions, employees can submit annual subscription receipts. Forma's platform makes it easy for employees to submit documentation and track their LSA spending throughout the year, ensuring compliance with your organization's reimbursement policies.