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Plan Insight

OCTOBER 2010 Newsletter

Retirement Savings is a Top Concern for Employees

WASHINGTON, DC, -- A new national survey conducted by the Employee Benefit Research Institute (EBRI) and commissioned by the Protect 2010 coalition - of which the Insured Retirement Institute (IRI) is a member - found that retirement planning continues to be a top concern for employees across the country.

Led by The Financial Services Roundtable (FSR), the goal of the "Protect 2010" program is to educate the public about the value of workplace benefits and insurance as an important way to protect their assets from unexpected occurrences, which might otherwise become financial catastrophes. The results of this new survey were released in September at a symposium on the current state of workplace benefits and insurance in America.

Among the employees surveyed, 69 percent believe retirement savings accounts to be extremely important in providing protection for themselves and their family, and nearly one quarter (21 percent) consider annuities to be extremely important. In addition, three out of five employees surveyed said they are not confident they will receive Social Security when they retire, with nearly 60 percent of those lacking confidence in Social Security stating that they have been putting aside more money in retirement savings accounts.

"Unfortunately, as the promise of Social Security continues to be on unsure footing, working Americans are coming to realize that they will need more than just that paycheck to sustain them throughout their retirement," said Insured Retirement President and CEO Cathy Weatherford. "Increasingly, they are looking for ways of securing their retirement income through annuities, retirement savings accounts and other insured retirement strategies. Employers can play an important role in helping to connect employees with available benefits that can lead to a financially sound future."

While a majority of employees receive benefits from their employer, 64 percent purchase additional coverage. Of these employees, 35 percent set aside money in additional retirement savings accounts and 17 percent added annuities to their financial portfolio.

Among the key findings:

   94 percent of employers offer benefits to their employees.

   Three-quarters of employees are not taking advantage of all of the benefits and insurance offered by their employer.

   Seven out of 10 employers offer retirement savings accounts for their employees. Over half - 54 percent - offer pensions and about one-fourth of employers offer their employees annuities.

   Of those employees offered benefits by their employers, over half participate in the employer's retirement account, about four in 10 receive pensions and 16 percent receive annuities.

The Protect 2010 survey was conducted by the Opinion Research Corporation. A sample of 1,007 adults 18 years old and older, living in private households in the continental United States were interviewed. The survey was conducted from September 10 through September 13, 2010.

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Information is provided for review and consideration only. Please consult legal and tax advisors for practical advice pertaining to your business and personal situations.

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This page was last reviewed and/or updated on Friday, July 03, 2015 05:21 PM

 

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