We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (15,832)
  • Industry Conferences (3)
  • Industry Job Openings (9)
  • Negative Media (135)
  • Positive Media (73)
  • Sheryl's Articles (586)
  • Sheryl's Blogs (166)
  • Wink's Articles (222)
  • Wink's Blogs (208)
  • Wink's Press Releases (92)
  • Blog Archives

  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • Workers Saving Less Than 5 Percent For Retirement

    November 5, 2012 by N/A

    WINDSOR, Conn., Oct. 31, 2012 — A new LIMRA study reveals that two-thirds of middle-income ($40,000-$99,999) American workers are saving less than five percent of their annual income for retirement – with nearly a quarter saving nothing at all. (see chart)

    “These results, while not surprising, are very troubling,” said Matthew Drinkwater, associate managing director, LIMRA’s retirement research. “Less than 30 percent of American workers have a traditional defined benefit retirement plan that could help them pay for their expenses in retirement, so the responsibility for providing the financial resources for retirement lies squarely on the individual. Many Americans will live at least 20 years in retirement, and will need significant savings to ensure their financial security.”

    Overall, four in five American workers are saving less than 10 percent of their income for retirement. Most disturbing, the largest age group that reported not saving for retirement was those ages 55 and over (26 percent) – often considered within 10-15 years of retirement. One in four workers ages 18-34 reported not saving at all for retirement. While more workers age 35-54 report saving some percentage of their income for retirement, almost one in five are not saving for retirement at all.

    “Optimally, all people should be saving systematically throughout their careers to ensure they can amass the funds necessary to live the lifestyle they wish in retirement,” noted Drinkwater. “Many Americans’ plans include delaying retirement or not to retire at all, but our research has found that more than half of current retirees retired before they planned – often involuntarily. It is important that Americans take the steps to prepare for every contingency while they are drawing an income.”

    Most Americans understand that they need to set aside more for retirement. Eighty percent of those surveyed said they needed to save more to be on track for retirement, with a quarter of Americans saying they need to save an additional 15 percent or more of their income annually. Older workers (age 55+) and women, who represented the highest level of non-savers, were most likely to think they need to save at least 15 percent more.

    “While current economic conditions are clearly challenging Americans’ ability to save for retirement, savings habits have not changed significantly over the past two decades,” said Drinkwater. “Over this period, employer-sponsored retirement plans have continued to transition from defined benefit plans managed by employers to defined contribution plans where workers are fully responsible for their retirement funds.

    Our research indicates that workers still need more education and guidance to help them make the right decisions to ensure they have sufficient savings for retirement.”
    LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness.Visit LIMRA at www.limra.com.

    Originally Posted at InsuranceNewsNet on November 1, 2012 by N/A.

    Categories: Industry Articles
    currency