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Benefits November 30, 2004
Survey: Execs Fret about Retirement Savings Pot
November 30, 2004 (PLANSPONSOR.com) - American
executives earning more than $100,000 annually have as one of
their most pressing concerns the amount of their retirement
savings, according to a new survey.
Reported by Fred Schneyer
A news release said that results of the 2004 Executive Confidence Survey commissioned by NETSHARE ( www.netshare.com ), an executive career site, shows that while executives are less skeptical about the economic outlook, they are still concerned about their savings and retirement plans and timeline.
More than 80% of respondents said they would have to work longer than they had originally planned before they could retire. In fact, 37% plan to work four to seven years longer (as opposed to 31% last year), and 32% plan to work eight years or more before they can retire. In addition, 52% of respondents say their overall net worth has decreased, and nearly four in 10 (37%) indicated their retirement fund has been drained because they have had to tap their 401K and retirement accounts to compensate for job loss or because of the stock market decline.
According to the survey, only 14% indicated they were very concerned about the economy. This is much lower than last year’s survey where 55% of respondents reported they were very concerned, according to the news release.
The poll was conducted during the first two weeks in November 2004 and covered 210 executives between the ages of 37 and 60 years old.