Source: John Hancock Financial Services
Laptop Battery Americans are increasingly pessimistic about their retirement
prospects with dreams of early retirement all but gone, according
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Microsoft May 24, 2004 (AXcess News) Boston - Americans are increasingly
pessimistic about their retirement prospects with dreams of early
retirement all but gone, according to a new national survey of
defined contribution plan participants by John Hancock Financial
Services.
Social Security also offers early retirement benefits however at a reduced retirement amount. The early retirement is available at age 62 of members. The disadvantage of taking an early retirement benefit is that the monthly benefit is permanently reduced. On the contrary, members who take the early retirement option will be able to receive their benefits for a much longer period of time.
Laptop Computers According to the survey:
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Laptop Computer * The average age at which people said they expected to retire
rose to 64.4, up more than three years from the 2002 survey and
nearly five years from the 1995 survey;* Nearly 18 percent of
respondents said they don't expect to be able to retire until age
70 or older, nearly double compared to the 2002 survey and more
than triple the 1995 survey results; and
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Desktop Computer * Nearly 70 percent of respondents are either somewhat or very
concerned that they will not have enough money to live comfortably
in retirement; up 11 percentage points from the 2002 survey.
Notebooks Survey author Wayne Gates, general director,
Market Research and Development,
said some of the pessimism may be a hangover from the 2001-02
economic downturn, but most of it is well-founded."Beyond simply
putting money into their 401k plan, most participants are almost
entirely disengaged from the retirement planning process," he
said. "Even during the boom years, they essentially were leaving
retirement security to luck. I think belatedly they may be
coming to this realization and now fear they're running out of
time-and luck."Advertisement
Lenovo The national survey of 800 defined contribution plan
participants, the ninth Hancock has conducted since 1991, examined
their knowledge, attitudes and actions relating to retirement
savings. Mr. Gates said that, consistent with past surveys, most
participants have only minimal active involvement with their plans.
For example:
Hard Drive * Only slightly more than half of respondents have ever
calculated how much money they will need to maintain their existing
lifestyle in retirement;
Travelstar * Nearly half have never made any changes at all to their
investment contributions or asset allocations;* Nearly 60 percent
made no changes to the asset allocation mix of their retirement
portfolios or contributions in the past year;
Gateway * More than half spend no more than twenty minutes a month
planning for retirement or managing/monitoring investments;
Laptop Parts * More than half say they don't have time to manage their
retirement investments; and
Software * Nearly half say they have little or no investment knowledge
and less than 20 percent consider themselves relatively
knowledgeable (the numbers have gotten consistently worse with each
survey).
Hard Drives The consistency of the survey's results over the past decade and
a half has convinced Mr. Gates that participant behavior will not
change and a new approach is needed. The new approach has two
facets: encouraging participants to seek professional financial
planning assistance and at the same time encouraging plan sponsors
to redesign plans to reflect human behavior, not economic
theory.
Electronics "The theory was that if you offered the right combination of
investments and educational tools, participants would take on the
challenge of investing responsibly to achieve financial security by
retirement. The reality is that this has never happened," he said.
"We've had more than a decade of educational efforts and investing
experience, including a full boom and bust market cycle, and most
participants are no more knowledgeable, nor any more engaged today
than they were in 1991."
Canon "We need to dramatically simplify the retirement planning
process. The
solution isn't more education,
it's more simplification and more automation." He noted that the
one unqualified success of defined contribution plans has been
automatic payroll deduction. "Once participants start saving
with payroll deduction, they rarely stop," he said. "Plans need
to be simplified so that investing is nearly as automatic as
saving. Do-it-yourself investing for retirement should be an
option, not a requirement."
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