Proactive retirement education can help employees connect their 401(k), healthcare benefits, and financial goals to build greater retirement readiness.
National 401(k) Day serves as an annual reminder of the importance of retirement savings. But for many employees, optimizing a retirement plan means looking beyond the 401(k) alone. A tax-free Health Savings Account, when available, can complement 401(k) savings by helping employees prepare for future healthcare costs while preserving more retirement assets for other needs. At First American Bank, we've found that employees are more likely to take action when they understand how workplace benefits can work together to support their broader financial goals.
Employee benefits represent a significant investment for employers. According to the U.S. Bureau of Labor Statistics, benefit costs accounted for over 30% of private-industry employer compensation costs in March 2026. Clearer connections between retirement, healthcare, insurance, and savings benefits can make that investment more visible to employees.
Making Education Actionable
A 401(k) plan can be one of the most valuable benefits an employer offers. Yet many employees view it as a standalone account rather than part of a larger financial strategy.
Meaningful education can help employees better evaluate their retirement savings and other financial priorities. Small actions, such as increasing a contribution rate, maximizing investment returns, or reviewing beneficiaries, can have a meaningful impact over time, but failing to include an HSA where possible simply misses one tax-advantaged opportunity entirely. Rather than overwhelming employees with information, employers can focus on timely comprehensive guidance that makes the next step clear and manageable.
The FINRA Foundation’s 2024 National Financial Capability Study found that 46% of U.S. adults had set aside enough to cover three months of expenses, down from 53% in 2021. For many employees, saving for retirement must compete with immediate financial priorities. Effective education should acknowledge those realities and help employees identify practical steps they can take over time.
Organizations can encourage engagement by focusing on three practical steps:
1. Start with a real-life moment.
Use a raise, a new child, healthcare costs, or retirement planning as a reason to revisit their savings plan.
2. Connect the event to available benefits.
Show how retirement plans, employer matching contributions, healthcare accounts, insurance benefits, and other workplace resources can support financial well-being.
3. Offer one clear next step.
Encourage employees to review beneficiaries, revisit their contribution rate, reassess their investment strategy, confirm whether they are receiving the full available employer match, or schedule a financial wellness conversation.
Connect the 401(k) to the Full Benefits Picture
A Health Savings Account is one example of how workplace benefits can complete long-term financial goals. Eligible employees may view an HSA primarily as a way to pay current medical expenses, but unused funds can remain in the account and help cover qualified healthcare costs in the future.
“An HSA can help eligible employees cover qualified expenses with pre-tax dollars today while building savings they can carry into retirement,” says Mitch Rosenbloom, FVP, Health Account Services Sales Manager at First American Bank.
While every employee's situation is different, understanding available benefits can help support more informed financial decisions over time.
Make National 401(k) Day a Starting Point
National 401(k) Day can serve as more than an annual reminder. Consistent, plain-language education throughout the year can help employees understand their comprehensive plan, make informed choices, and stay engaged with retirement goals as their circumstances change.
First American Bank works with businesses to design and administer retirement plans and provide education that helps employees understand their benefits. Connect with our Retirement Plan Services team to explore ways to strengthen employee engagement and support informed retirement planning.
