Workers losing ground when it comes to planning for retirement
Not a week goes by, it seems, when someone doesn't produce a new report noting just about everyone's lack of preparedness for life after work. And it's not just those nearing retirement who should be worried.
Research from Prudential Financial shows that one quarter of Millennials (those between 21 and 29) feel that they won't be able to stop working until they are over 70, largely because they can't see how they'll ever save enough money.
The gap between what workers realize they should be doing to prepare for retirtement and what they're actually doing can be largely attributed to a lack of motivation, Prudential suggests.
And that's where employers can help.
To keep employees' attention when it comes to retirement savings, companies have to keep workers engaged, make them feel less overwhelmed or intimidated, and simply make the whole investing process easier, according to a recent Prudential report entitled Turning Employees into Lifetime Savers.
Too often, corporate information is limited to all-employee group meetings to discuss investment fund options and, if they're lucky, the company match to employee contributions
But employers have to do better, the report suggests.
Does your employer offer any sort of retirement education at work? Is the program effective?
By Gordon Powers, MSN Money
Posted by: sugar | Jun 6, 2021 12:42:46 AM
Oh please. It's everyone elses responsibility but the individual. And that my friends is what is wrong with society today. No one takes responsibility for thier actions. We have raised this generation. The responsibility is ours.
Posted by: Eve | Jun 6, 2021 9:34:22 AM
Happily employed at 73 years of age. It's not so bad! Get over the number propagated by the media as the magic one for retirement. The Queen continues to work...Mayor Hazel still going strong. Go for it and end up having maybe 15 to 20 years to be retired (sic) instead of the 30 plus Mutual Fund companies ply their trade with.
Posted by: Rich get richerMr Poloz | Jun 7, 2021 4:17:54 PM
Earlier in the morning new Bank of Canada governor Stephen Poloz indicated the Central Bank was in no hurry to raise interest on your Investments and savings dear pensioners with small pension and no pension plan at all. Dear friends you like that ?
Posted by: Poor gets Poorer Mr. Poloz | Jun 7, 2021 5:19:11 PM
Yeas we where planning for retirement Mr. Poloz and leave from our own savings, but with Interest Rates "0" , low low pensions you made it impossible to do that - to leave from our own money mister.
Posted by: don | Jun 8, 2021 1:55:49 PM
taxation taking 50% (factoring in gasoline,municipal, hidden taxes, etc) they now tell you to save 20% for retirement and then expect you to buy houses and raise childern on 30% that is left or you are not managing properly....see anything wrong with that!
Posted by: carl | Jun 10, 2021 11:53:27 AM
I agree with Don, by the time taxation is done with you, there is little to pur away for retirement. Compound the fact that the ordinary Joe has not seen a real income growth since 2002 and what else would you expect.
To complicate things evem further is that the markets are being manipulated by big investment, private equity and institutional investors who semm to be more interested in shorting out any gains and what is the ordinary Joe suppose to do. How else does one explain corporations with record profits and yet still trading south of their book values, all the while hoarding cash instead of paying reasonable dividends
Posted by: Dwight | Jun 11, 2021 6:33:45 PM
How do we grow our savings on an interest rate that is less than the rate of inflation? If you stay with less risk, you don't make enough to cover what was lost to inflation. That has people putting money into higher risk investments, with the hope of making gains that are better than what was lost to inflation. This usually means the stock markets and having to be subject to the manipulation of the markets by the big players. What does this all lead to? The citizens looking to government for their retirement needs and an uncertain future.