Financial planning

When it comes to retirement, many middle class Americans said 80 is the new 65 and plan to delay retirement because of worries over money, according to a new survey.

While the number of Americans who claim to be preparing financially for retirement has remained relatively steady during the past 12 months, employees in many of the nation's largest metropolitan areas report feeling significantly less confident than they did a year ago, according to a retirement readiness index released today by Ameriprise Financial. In its second year, they examine the 30 largest U.S. metropolitan areas to determine where consumers are the most prepared for and confident about retirement, and also track national and local retirement trends over time.

American workers are more worried about keeping up with monthly expenses than saving for retirement, reveals a recent survey. Keeping up with monthly expenses was the biggest financial worry, cited by 21% of those surveyed, followed by saving enough for retirement, which was cited by 18% of employees as their biggest financial concern.

Advisers take note: It’s not a company’s size but rather the demographic makeup of its workforce that influences whether or not it sponsors a retirement plan.

Like many middle-class American baby boomers, Linda Carmona-Sanchez is anxious about slipping into poverty and says whatever dreams she once had about retirement in her "golden years" have turned into nightmares.

Seventy-five percent of Americans have never had a conversation about long-term care with loved ones. In the shadow of the possible demise of the CLASS program, this is even more pertinent to employees who may have retirement accounts, but not a backup for immediate long-term care assistance.

Be they young or be they old, people across America are worried about their financial prospects in retirement and the economic direction of the nation, a survey of Gen X, Gen Y and baby boomers by The Guardian Life Insurance found.

Around the time they turn 50, many people unconsciously begin to ratchet up their spending. Instead, prominent retirement planning scholar Alicia Munnell thinks financial planners and employers need to wage a campaign to get their clients and employees to hit the pause button at this crucial midpoint in their lives.

Aon Hewitt’s September 401(k) Index observations were released yesterday, showing that despite steep losses in the stock market in September, participant transfers were very modest. On average, 0.03% of balances transferred on any given day. This is in line with the trailing 12-month average daily net transfer activity levels.

American workers' trust in their future retirement has reached a four-year low, according to a release of the Unretirement Index, a poll of nearly 1,500 working Americans by Sun Life Financial Inc. After remaining stable for three years, retirement confidence dropped nearly 20% this September compared to a year earlier, according to the survey.

Financial Industry Regulatory Authority, Inc. this week issued an investor alert urging the roughly 30% of American workers who are not contributing enough to their 401(k) plans to receive a full employer match to step up their contributions in order to meet their eventual retirement needs.

Americans of all ages and sexes are forgoing retirement planning, but there are marked differences between older and younger generations. And while women are often making financial and purchasing decisions for their households, the survey found they are not taking the same care as they plan for their own golden years.

As financial markets continue to fluctuate and place retirement portfolios at risk, non-retired Americans are showing a clear desire for guaranteed income in retirement according to a survey by Allianz Life Insurance Company of North America.

Recent findings from the 2011 MetLife Retirement Income IQ, a 15-question quiz on retirement issues conducted by the MetLife Mature Market Institute, shows Americans have quite a way to go to learn what they need for a financially secure retirement. Of the 1,213 pre-retirees aged 56 to 65 who took the quiz, the majority answered only five of the 15 questions correctly, leaving a persistent misperception and misunderstanding in a number of core areas, such as life expectancy, inflation, retirement income/savings, long-term care insurance and, to some extent, Social Security.

Although Edward Jones recommends that retirees start with a plan to withdraw 4% of their retirement savings each year, Americans have a widely varying idea of how much they will need, the investment firm found in a survey of 1,011 people.

In the wake of economic and stock market volatility, many 401(k) investors are questioning the wisdom of 401(k), 403(b) and 457 plans, a survey by Allianz Life Insurance Company finds.

Automatic enrollment greatly increases participation in 401(k) plans for all racial and ethnic groups, with particular success for Blacks and Hispanics, even among low earners, Vanguard research shows.

Retirement plans are fast becoming an important tool for small businesses to attract and retain talent. Surprising even some experts, it has joined the ranks of health care as a major employee demand, according to a new survey.

MassMutual Retirement Services’ 2011 campaign to prompt 401(k) participants to save more has succeeded in boosting deferral rates by 4.34%. It also was aimed at getting those who were not saving into the game, and helping those with portfolios to revisit their allocations.

The Principal has announced its 10 Best Companies for Employee Financial Security, an annual honor for employers that maintained or enhanced financial supports that overall have dwindled in the past few years as health care costs increased and budgets tightened.