The troubled economy and rising health care costs are taking an increasingly harsh toll on employees’ confidence that they’ll be able to retire comfortably, and many American workers say they’re more focused on just making ends meet today than saving for tomorrow, according to a recent industry study.
However, tried-and-true methods of saving and investing for retirement can help ease employees’ concerns during a down economy, and The Standard’s revamped participant educational materials can lend a hand.
The Employee Benefit Research Institute’s 18th annual Retirement Confidence Survey®, which was conducted in January, revealed that only 18 percent of workers feel “very confident” about having enough money to retire comfortably. That’s a nine-point drop from last year — the largest one-year drop in the survey’s history.
The survey showed that nearly half of workers and/or their spouses have tried to calculate how much money they’ll need in retirement, and that about half of those changed their retirement planning as a result. A majority began saving or investing more.
That’s where The Standard can help. Now available are updated and enhanced editions of our six 401(k) on the Brain® seminars and the new Moving Toward a Secure Future seminar (formerly known as Blueprint for a Secure Future). Each seminar includes an accompanying PowerPoint® presentation, and some include interactive workbooks. Moving Toward a Secure Future is available in both English and Spanish.
Current 401(k) on the Brain modules include:
Watch for our revised Retirement on the Brain seminar series for 403(b) and 457 plans, which will be available soon. For more on the survey, visit EBRI Retirement Confidence Survey.