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  • ING: 5 Ways To Make Retirement Planning a Priority In The New Year

    December 30, 2011 by N/A

    December 28, 2011

    PR
    Newswire Association LLC

    WINDSOR, Conn./PRNewswire/ –As
    Americans begin to make their resolutions for the New Year, new findings from
    the ING Retirement Research
    Institute
    suggest that better retirement planning and saving should be high
    on the list. According to recent findings, 71 percent of Americans do
    not have a formal investment plan to help them reach their retirement goals.

    The
    ING U.S. study(1) — Retirement Revealed — also showed that while 75
    percent
    of respondents aged 25 to 69 who are employed full-time with an
    annual income of $40,000 or more are contributing
    to their workplace retirement plan, nearly half (48 percent) do not feel
    prepared for retirement.

    “Most
    consumers today face a number of competing financial priorities. But one thing
    they should not lose sight of is the importance of properly preparing for their
    retirement,” said Maliz Beams, CEO of ING
    U.S. Retirement. “The good news is that more people are becoming aware of
    what it takes to reach their goals. Our mission is to continue raising
    awareness, while helping them plan and save so they retire with the dignity and
    financial security they deserve.”

    Alongside
    the study findings, ING U.S. has identified several simple but important
    savings resolutions that can keep Americans on track to meet future financial
    goals.

    Resolution #1: Make Saving a Personal Responsibility

    Individuals
    are responsible for retirement more than ever before. The responsibility of
    planning and saving involves not only building up a sufficient nest egg, but
    also making sure those savings last a lifetime while protecting against
    unexpected financial pitfalls. It also means developing a comprehensive
    approach—creating a financial plan, getting advice from a trusted professional
    and utilizing a variety of savings strategies both in and out of the workplace.

    Resolution #2: Enroll in a Workplace Plan

    Participating
    in a workplace retirement plan is often the cornerstone of most successful
    retirement programs and one of the first and best places to start saving. These
    plans offer a number of benefits, including the convenience of having
    investments directly deducted from a paycheck; tax-deferred growth on savings;
    company matching, when available and choice and control over how to invest.
    According to ING’s study, respondents who currently contribute to a workplace
    plan have saved an average of $69,000 in those
    plans, with 72 percent currently receiving the full employer match.

    Resolution #3: Gain Greater Control Over Assets

    Take
    advantage of multiple savings opportunities when possible. According to the
    study, more than half of the respondents (58 percent) are saving outside
    a workplace retirement plan in such places as an individual retirement account
    (IRA), Roth IRA, traditional bank account, CD or brokerage account, with an
    average of $46,000 saved. At the same time, make
    sure to inventory and control all assets so they are being maximized. Having
    “idle” or “orphaned” retirement savings accounts is not an
    efficient way to achieve financial goals. Evaluate rollover and IRA
    consolidation options, which can generally help to lower custodian fees,
    enhance portfolio management, reduce paperwork and improve beneficiary
    designation planning.

    Resolution #4: Calculate Retirement Needs and Evaluate
    Savings Rates

    After
    choosing to participate in a workplace plan or opening up an IRA, the most
    important decision an investor makes is setting their contribution level.
    However, many people lack a clear understanding of contribution rates and how
    even small changes can produce significant results over time, impacting whether
    or not retirement goals are reached.

    Only 43 percent of those surveyed calculated how much money they will
    need in retirement to continue their current lifestyle. Understanding the
    projected savings that different contribution levels can produce, and
    considering things like tax impact, compounding and the effects of employer
    matches can make a huge difference in retirement preparation.

    Resolution #5: Get Education, Information and
    Professional Guidance

    Knowledge
    is power, and it can be critical for achieving a positive outcome in
    retirement. Support, guidance and information can come in many forms—in person,
    over the phone, through “self-help” online
    tools
    or through an employer. According to those surveyed, almost half (47
    percent
    ) expect their employer to do more to educate them about retirement
    options. Still, others would like additional guidance beyond what their
    employer might offer. In fact, those in the survey valued face-to-face
    communication with a financial professional as the most vital for getting
    information about their retirement plan and other employee benefits. Yet only 28
    percent
    are currently working with a financial professional, which
    indicates that this type of help may be something to consider for the New Year.

    About ING U.S.

    ING U.S. includes the U.S insurance, retirement and asset management businesses
    of Dutch-based ING Groep N.V. In the U.S., the ING (NYSE: ING) family of
    companies offers a comprehensive array of financial services to retail and
    institutional clients, which includes life insurance, retirement plans, mutual
    funds, managed accounts, alternative investments, institutional investment
    management, annuities, employee benefits and financial planning. ING holds
    top-tier rankings in key U.S. markets and serves approximately 15 million
    customers across the nation. For more information, visit http://ing.us.

    (1)Findings
    are from an online survey conducted during the period of October
    5-13, 2011. Respondents were 4,050 adults (2,026 men and 2,024 women)
    between the ages of 25 and 69 who are employed full-time with an annual
    household income of $40,000 or greater.

    Data were weighted to make the results representative of the U.S. population.

    SOURCE
    ING U.S.

    Wordcount:

    888

    Originally Posted at InsuranceNewsNet on December 28, 2011 by N/A.

    Categories: Industry Articles
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