Benefits October 15, 2009

Immediate $$$ Needs Overshadowing Retirement Savings

October 15, 2009 (PLANSPONSOR.com) - With immediate financial needs on the minds of many Americans, 63% of respondents in a recent Prudential Financial survey rated retirement savings as highly important - down from 76% two years ago.
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Meanwhile, 72% of respondents said having a retirement nest egg large enough to meet their retirement needs was highly important.

The number of respondents indicating that getting trusted financial advice was of prime importance was down from 39% in 2007 to 29% this year, Prudential said in a news release.

The number of people saying they did not know when they would retire headed up in the 2009 poll to 14%, an increase from 9% in 2008. The mean expected retirement age was 64.1 this year, a slight hike from 63.5 last year.

Not surprisingly, Prudential said those who say they were most impacted by the economic downturn were the most unsure about when they would stop working.

The three surveys used in the Prudential report were taken in April and May of 2009 and included 2,500 workplace benefits officials, benefits brokers, and employees. The surveys were conducted for Prudential by the Center for Strategy Research.

More information is available here .

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