Life Insurance Quotes

Study: Employers feel workers aren't prepared for retirement

02/07/12

A recent study revealed that 84 percent of executives responsible for their employees' 401(k) plans believe very few employees will be financially prepared for retirement.

The 11th Annual 401(k) Benchmarking Survey from Deloitte showed that 401(k) plan sponsors say improving employees' financial planning is a top goal for the second year in a row.

"From this survey we've learned that for the past several years Americans have not been saving and investing enough for retirement," said Stacy Sandler, principal of Deloitte Consulting. "Rising healthcare costs and dropping 401(k) balances have taken their toll on employees. Those factors, combined with record levels of personal debt, high unemployment and low levels of personal savings, continue to paint a highly concerning picture of retirement readiness."

The study also revealed that 64 percent of respondents believe their responsibility included taking an interest in whether employees are heading toward a comfortable retirement.

A recently released study by ING that examined the attitudes, behaviors and preparedness of different ethnic groups showed that Hispanics were the least prepared for retirement, which shows cultural influences could affect retirement plans. Americans unprepared for retirement are encouraged to explore annuities as a safe way to prepare financially for the future.

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