In addition, a majority said they have put little or no effort into calculating their retirement needs, and nearly three in ten (29%) reported they have never even thought about it.
According to a press release, very few teachers (16%) are expecting to retire earlier than age 60. Nearly three in ten (29%) are either unsure when they can retire or believe they will not be able to retire at all.
Roughly two-thirds of the teachers polled (68%) confirmed that they are investing in a voluntary retirement plan through their workplace (such as 403(b) plan). Yet, of this group, over half (56%) wish they could invest more into these accounts, but for various reasons do not.
The survey found most respondents (72%) expect to receive a traditional pension from their employer. Of those eligible for this benefit, a majority (68%) believe it will make up at least half of their retirement income.
However, more than half (54%) lack confidence in the reliability of that income during retirement, and more than four-in-ten (41%) don’t know how their pension benefit will be calculated.
When asked to rank the most important issues facing Americans today, the announcement said, educators as a whole do not view financial education and literacy as a top priority for the government to address. Still, over half (51%) believ this subject matter is important to include in a student’s curriculum. Very few, (only 5%) think financial literacy has no place in the classroom.
The recent study, conducted by the ING Retirement Research Institute in conjunction with market research firm Synovate, polled more than 1,000 K-12 full-time teachers between 20 and 70 years of age.More details are at www.ingretirementresearch.com, on the “publications” page.