January 3, 2014 (PLANSPONSOR.com) – While many employees say they are ready for retirement, more need to take active steps towards this preparation, according to a report from Ameriprise Financial.
The report, “2013 New Retirement Mindscape City Pulse Index,” says the percentage of Americans who report taking at least some
action to prepare for retirement rose slightly to 72% in 2013. However, say the
authors, that number is still lower than in previous years.
More than half (51%) report contributing to a 401(k) or other retirement
plan—a jump from last year (47%), but still fewer than those who said they were
saving into this kind of plan two or three years ago. Fewer than half (49%) say
their retirement account balances have recovered from the market downturn in 2008-2009.
more than ever, respondents say they feel on track, with one in five (19%)
saying they feel very prepared financially for retirement or the remainder of
retirement and 28% indicating they feel very confident they’ll reach their
retirement goals or that the remainder of their retirement will work out as
What employees need to do, the authors say, is to go from mere concern about retirement
to taking active steps to establishing and achieving retirement savings goals.
The report findings show those who take the initiative to save more,
create a plan and work with a financial professional are more likely to feel as
if they are on track to meeting their retirement goals.