Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Consumer
Retire Get real
WASHINGTON (5/11/09)--The majority of workers remain confident they will be able to live comfortably in retirement, despite abundant evidence to the contrary, says the latest research. Consider these numbers from the 2009 Retirement Confidence Survey released by the Employee Benefit Research Institute and Mathew Greenwald & Associates Inc. (April):
* Three of four workers report that they and/or their spouses have saved for retirement. About half (54%) of workers believe that they will have enough money for a comfortable retirement. A similar percentage (53%) reports retirement savings--not counting home values and defined benefit plans, if any--of less than $25,000. * About one of three workers (31%) who have not saved for retirement is confident about a comfortable retirement. * Three of four workers who have saved expect to need jobs in retirement to make ends meet.
Because so many pre-retirees seem to think they’ll have the same standard of living in retirement with savings of less than one year’s current income--or no savings at all--experts recommend that all workers make a realistic effort to become “retirement ready” by taking these first steps today:
* Track expenses, and evaluate whether those expenses will continue in retirement; * Create a budget for your current situation; * Determine current net worth; * Get an estimate of pension or 401(k) income possibilities, and determine when you are eligible for retirement; * Get an estimate of your Social Security benefits from ssa.gov or call 800-772-1213; * Determine whom you'll be providing for in retirement, and plan for long-term care for any dependents; * Calculate your life expectancy; and * Set a retirement savings goal and make a plan to reach it.
Other Resources

RSS





print
News Now LiveWire
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
18 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago
150x172_Sign up for election newsUnite for Good Share your Stories100 Million CU Memberships