|PR Newswire Association LLC|
The issues triggering financial stress for those surveyed include: keeping a job or searching for one; the ability to afford healthcare in retirement; and the perception that
Also, more than half of respondents said they have done a poor job of investing and saving for their children's education, which are additional stressors.
Some further highlights of the survey include:
- 60% of those surveyed worry moderately or a great deal that they will experience financial difficulties
- Saving for a child's education is the number one source of worry among parents surveyed, closely followed by retirement and emergency savings
- 50% of survey respondents had
$100,000or less saved for retirement
- On average, participants want to retire by age 62, but believe they won't be able to until 68
- 90% of those surveyed have no written financial plan for retirement
"As retirement plan providers, we must recognize that saving for retirement is only one of many financial stressors that affect Americans today, so we need to help plan participants manage a lot more than their 401(k) plan," said
Solutions to Financial Stress
Many also reported that they would feel more secure if employers automatically increased contributions to their retirement plans, and if products such as retirement savings projections and retirement budgeting tools were provided.
About New York Life Retirement Plan Services
New York Life Retirement Plan Services offers bundled retirement plan solutions and defined contribution investment only products throughout