The
Employee Benefit Research Institute (EBRI) 18th annual Retirement
Confidence Survey reveals that a growing number of workers face a
growing number of problems as they prepare for retirement.
Americans' confidence in their ability to afford a comfortable
retirement has dropped to its lowest level in seven years.
- Less than half of workers ( 47%) have calculated what they will
need for a comfortable retirement.
- Only 18% say they are very confident about having enough money to
retire comfortably.
- Nearly half of those saving for retirement had total savings and
investments of less than $50,000.
- 76 % who said they had not saved for retirement reported total
assets of less than $10,000.
- About 40% indicate that they have little or no investment
knowledge. About 55% cash out of their accumulations when they leave
their employer.
- Of those who are enrolled, 90% fail to contribute the maximum.
One-half don't contribute enough to get the full company match.
- One in four people who have access to a plan are not putting any
money into it.
- 22% say they have no savings of any kind.
Plan Sponsors 8th annual defined contribution services survey found
that ---
- The overall participant education program drew the lowest
satisfaction ranking in the survey. Plan participants are more
confused than ever about so many aspects of their employer sponsored
retirement plan. They are asking employers for information -
education that can help them. We must make sure that they have the
tools they need to make appropriate saving-investment decisions.
Employers offer a 401(k) plan because they want to attract and keep
talented employees. Their 401(k) is or can be one of the greatest
benefits you provide to your employees. But, is it working its
"magic" for all of them? Are the employees - retirement plan
participants getting the best possible information, education,
communication that can really help them with their planning - saving
- investing for retirement efforts?
As you know, consultants play a key role in helping to provide
information --- education on planning - saving - investing for
retirement. We can help you to help your retirement plan
participants. We are lifelong educators. That is our primary
responsibility. We are an un-biased, independent source. We
demystify, simplify the process. We provide easy-to-understand,
useful, straight-forward, time-tested concepts and principles that
can help retirement plan participants to take control of their own
plans. We seek to reach, engage, involve, stimulate and motivate
individuals with their planning - saving and investing for
retirement efforts.
You can contact us at
rrj1@cornell.edu.
