More Than a Third of Americans Aren't Saving for Retirement
Survey Reveals Uncertainty About Savings Goals and Needs, While Confidence in
Ability to Save is Increasing Among Some
SEATTLE, Dec. 3, 2012
SEATTLE, Dec. 3, 2012 /PRNewswire/ --Getting older may not be easy, but
taking a back seat with your retirement plan could lead to a destiny that is
more glum than golden. A new survey from Capital One ShareBuilder reveals that
while a majority (54 percent) of Americans plan to retire by age 65, many (36
percent) are not actively contributing to a retirement plan, and more than a
quarter (26 percent) are unsure how much they need to save. The survey of
American pre-retirees found that while confidence in the ability to save for
retirement has improved (with 33 percent claiming to be more confident than
they were a year ago), nearly one in four (23 percent) are concerned they may
never save enough to retire.
(Logo: http://photos.prnewswire.com/prnh/20121112/PH10741LOGO )
"Now more than ever, it is important for Americans to take their retirement
plans into their own hands to ensure they have an adequate nest egg," said Dan
Greenshields, president of Capital One ShareBuilder, Inc. "While planning for
a time that many see as a distant future can be a daunting task, people need
to assess where they want and expect to be financially when they retire and
take advantage of the various tools and resources available to plan for their
Retirement Timing and Lifestyle: When and how do Americans plan to retire?
oMore than half (54 percent) of Americans plan to retire by age 65, while
23 percent say they don't plan to ever fully retire.
oOne in four (25 percent) Americans plan to work part-time during their
retirement, and that percentage increases closer to retirement age, with
40 percent of Americans age 55-64 saying they'll work part-time.
oA third (33 percent) of Americans plan to maintain their current
lifestyle, while 17 percent plan to make sacrifices and 11 percent plan to
improve their lifestyle; 38 percent said they are unsure of what lifestyle
they plan to lead.
Roadblocks to Retirement Savings: What's keeping Americans from saving?
oPaying for college tuition (20 percent), job loss (10 percent) and daily
household bills (14 percent) are the top roadblocks for retirement
savings, according to respondents.
oOnly just over one third (37 percent) of Americans say nothing has impeded
their ability to save for retirement.
"At any point in life, events can come up where even the best laid financial
plans can be derailed," Greenshields said. "Having an adequate emergency or
rainy day fund will help ease the financial burden of unexpected costs – and
help keep you on track for retirement."
The ING DIRECT Orange Savings Account, which can be directly linked to your
ShareBuilder account, boasts features including automatic savings
functionality and a My Savings Goals tool designed to help build a financial
cushion, so you won't need to dip into or cease contributing to your
Facing Retirement with an Arsenal of Tools:
One thing is for certain – money doesn't grow on trees. While forty percent of
older Americans plan to work part time in retirement, the reality of
retirement requires a substantial and realistic nest egg. In preparing for the
years ahead, experts agree steps need to be taken for the 26 percent of
Americans who are not sure or do not have a retirement plan.
ShareBuilder by Capital One offers solutions that can help investors get their
retirement plan on track:
oTwenty-two percent of Americans between the ages of 55 and 64 report not
knowing how much they will need to retire. RetireMyWay can help you create
a personal and customizable map of the retirement they are seeking and how
to get there financially.
oShareBuilder's Portfolio Builder is a simple, low-cost tool to help you
build a diversified portfolio that aligns with your risk tolerance and
work toward your long-term goals.
oShareBuilder offers a no-fee IRA^1, which is a great low-cost option to
either get started or roll over an old 401K or IRA to.
The national phone survey was conducted within the United States by TNS on
behalf of Capital One ShareBuilder from September 26 through 30, 2012 among
1,000 adults age 18+. No estimates of theoretical sampling error can be
calculated; a full methodology is available.
About ShareBuilder by Capital One
Capital One ShareBuilder, Inc., is a leading online brokerage for investors
who have long-term financial goals and want to say goodbye to investing
complexity. Whether you're a seasoned investor or just getting started,
ShareBuilder by Capital One has what Americans need to help secure their
financial future without sacrificing their lives to the stock market. No
minimum balance required when you open an account and pay low commissions when
investing. Trade when you want, any amount you want, and what you want —
stocks, exchange-traded funds, mutual funds, options and retirement solutions.
^1 For complete information, see pricing and rates.
Diversification does not guarantee a profit or protect against market losses.
Securities products are offered by Capital One ShareBuilder, Inc., a
registered broker-dealer and member FINRA/SIPC. Capital One ShareBuilder, Inc.
is a subsidiary of Capital One, N.A. Follow us on Twitter and Facebook.
Banking Services are provided by ING Direct, a division of Capital One, N.A.,
ING Direct is now a division of Capital One, N.A. ING Bank, fsb, and its
subsidiaries, including ShareBuilder Corporation, have been acquired by
Capital One Financial Corporation and are no longer affiliated with ING Groep
N.V. ("ING"). The trademarks ING, ING DIRECT, ING Lion, and the ING Lion
logo, alone or as a part of any trademark logo, work or domain name are
trademarks of ING and are used by permission.
Securities products are: Not FDIC insured - Not Bank guaranteed - May lose
MEDIA CONTACT: Alison Cahill Rouse
Capital One ShareBuilder
SOURCE Capital One ShareBuilder, Inc.
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