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Study: 71 percent of Americans lack retirement plan

01/04/12

Americans are less prepared for retirement following the economic recession, which placed many in a financial bind.

According to study results recently released by the ING Retirement Research Institute, about 71 percent of Americans are without a formal investment plan that will help them reach their retirement goals.

The study revealed that 48 percent of the 4,050 respondents between the ages of 25 and 69 who are employed full-time and have an annual salary of at least $40,000 a year feel as if they are not prepared for life after their career.

“The good news is that more people are becoming aware of what it takes to reach their goals,” said Maliz Beams, CEO of ING U.S. Retirement.

The study also revealed that only 43 percent of participants knew how much money they needed to save to continue their lifestyle once they retired. Twenty-eight percent reported they are working with financial professionals to help them meet their retirement goals.

With retirement plans up in the air, now would be a good time for workers to investigate life insurance plans and annuities, which together could provide crucial retirement income and protect the financial well-being of a policyholder's dependents and loved ones. Despite this, a recent National Association of Insurance Commissioners study found nearly half of respondents do not consider life insurance policies a potential source of immediate funds.

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