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Workers Cannot Afford to Save for Retirement
"Despite offering a host of resources to boost 401(k) participation, employers believe worker' failure to participate in defined contribution plans often stems from their efforts to pay other household bills, reports Aon Consulting Worldwide. The HR consulting firm found that about 40% of companies with DC plans have less than 70% of their workers participating in the plans. Furthermore, 67% of employers said that workers don't take advantage of the plan because they can't afford the contributions." Employee Benefit News, October 7, 2008 (click here)
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FAVORITE QUOTE
"If you can't change the circumstances, change your perspective." Angie Hollerich
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| NUMBERS
"59% give themselves a grade of C or worse when it comes to financially preparing for retirement.
Most believe the odds are 50% or less that they will be able to retire when they want.
72% agree when it comes to retirement, no one is looking out for the average person; 67% not sure where to go for help".
And current economy isn't helping retirement savings efforts:
Nearly one in five said they stopped or reduced putting money into a 401(k), IRA or other retirement account due to the current economic slowdown.
20% said they pushed back or postponed their planned retirement date.
AARP, PRNewswire 10/03/08 (click here) |
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Financial Soundings
is a registered investment advisor focused on proactively delivering retirement plan investment direction to employees of all types of corporations. By incorporating their Retirement Planning Insights program as a feature of the plan, every employee of an organization, whether participating in the retirement plan or not, receives a personalized report outlining their current investment strategy, an analysis of whether the person is on track to meet their retirment goals, suggestions on how to improve their likelihood of success in reaching their goals, and specific fund level advice on how to allocate their assets to more effectively utilize the plan to meet their objectives.
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