In celebration of National Save for Retirement Week,
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161017005172/en/
The video follows Bob as he progresses through his career and makes good retirement savings decisions – receiving the full employer match, increasing the amount he contributes to his employer-sponsored plan, meeting with a financial advisor and developing a strategy to translate the money he saved into income in retirement.
“From our perspective, the ultimate outcome in retirement is income,” said
Savers are facing challenges. According to the study, more than a third of Americans (36 percent) say they wish they were putting more money into their retirement savings plans, but more than half are prioritizing paying off short-term debt over saving for retirement. This is especially prevalent among Millennials – only 56 percent of whom are contributing to a retirement savings plan.
The study also showed that savers want access to both online tools and face-to-face discussions. Among those surveyed, 68 percent said access to face-to-face discussions is important and 73 percent said online tools are important when they’re communicating with a company that offers retirement products.
“There is a lot of focus on technology today, and it is important,” Ohl said. “But as the results of the study showed, technology alone isn’t enough. It’s the combination of technology and personalized service that will truly drive positive outcomes.”
National Save for Retirement Week was established by
As part of National Save for Retirement Week, RPS is also introducing the “What’s Your Journey” retirement education and communication program, available for its plan sponsors to use with participants. This program includes a comprehensive suite of materials designed to inspire participants to think about where they are on their retirement journeys and how saving more can help move them along the path to the retirement they envision. It also helps participants balance retirement saving with other financial priorities.
About the American Consumer Study
Results for the American Consumer Study are based on a national survey conducted by
About Lincoln Financial Group’s Retirement Plan Services
For more than 60 years, Lincoln Financial Group’s Retirement Plan Services (RPS) business has been helping savers boost their retirement readiness through employer-sponsored plans. Our distribution force of more than 400 professionals, including institutional and wholesale distribution channels and advisor-based sales teams, works to provide plan sponsors with retirement plans that not only meet the unique needs of their plan participants but also align with sponsors’ total rewards strategies and help recruit and retain top talent.