ING Challenges Americans to give their 401(k) plan a "raise" on September 8, National 401(k) day
ING, a global financial services leader, is challenging all Americans to give their 401(k) plan a “raise” on September 8th, National 401(k) Day, sponsored by the Profit Sharing/401(k) Council of America (PSCA).
ING is asking all Americans to set aside time on September 8, National 401(k) Day, to make sure they are doing all they can to plan for a more secure retirement. “We are encouraging everyone to review their retirement plan and increase their contribution if possible,” said Lou Bachetti, ING, Defined Contribution. “People are living longer in retirement, possibly 25-30 years, so saving in your employer sponsored 401(k) plan is more important than ever. Every dollar helps.”
According to the 2006 Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI), 53 percent of Americans who are age 25 and older, report savings and investments of less than $25,000.
“With the decline in pensions and the uncertainty of Social Security, the burden is on the employee to save for a secure retirement,” Bachetti added.
ING also suggests that Americans review their goals and strategies in their plan, making sure they are well-diversified, balancing growth and income with their tolerance for risk. One option that could make this easier is a target-date lifecycle fund, which is becoming an increasingly popular option in workplace retirement plans. With a target-date lifecycle fund, investment professionals set the asset allocations, select the investments, manage the risk, regularly rebalance the Portfolios and monitor performance – all based on an investor’s target retirement date.
Results of the EBRI study also show that employer-sponsored plans represent a significant portion of a worker’s retirement savings. Six in 10 plan participants say half or more of the money that they and their spouse saved in the past 12 months for retirement was put into their employer’s plan, and 7 in 10 stated that half or more of their household’s total retirement savings are in this plan.
Caroline Campbell, ING U.S. Financial Services(212) firstname.lastname@example.org
ING Group is a global financial institution of Dutch origin offering banking, insurance and asset management to more than 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of more than 113,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
In the U.S., the ING family of companies offers a comprehensive array of financial services to retail and institutional clients, which include life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning and reinsurance. ING holds top-tier rankings in key U.S. markets and serves more than 15 million customers across the nation. For more information, visit www.ing.com.