ING Supports National Save for Retirement Week with a "Big Picture" Campaign and Savings Tips
ING Supports National Save for Retirement Week with a “Big Picture” Campaign and Savings Tips
As an advocate for greater retirement savings, ING’s U.S. Retirement operation is launching a customer education campaign to coincide with National Save for Retirement Week, which takes place October 16-22. The theme of the campaign is the “Big Picture,” and it encourages individuals to start picturing where they would like to be in retirement so they will be motivated to take positive action.
“No matter where you are on the path to planning and saving for retirement, ING believes everyone can benefit by taking a step back and examining the big picture,” said Maliz Beams, CEO of ING U.S. Retirement. “The responsibility for funding retirement has increasingly shifted onto the shoulders of working Americans. Developing a holistic approach to planning — by saving both in and out of the workplace — and seeking advice, education and guidance when needed are critical to reaching your goals.”
The campaign reminds individuals to create and review a comprehensive strategy, which includes leveraging their company-sponsored retirement plan. ING’s “Big Picture” initiative provides a broad selection of print and electronic materials that employers and distribution partners can customize with their own plan logo and a call to action. The campaign also points to several online tools and resources from ING that investors can refer to for planning, such as www.INGYourNumber.com, www.INGCompareMe.com, and My Retirement Outlook. These tools offer an easy way for users to calculate the amount they need to reach their goals, compare their savings to others like them, and identify potential savings gaps.
National Save for Retirement Week is also a good time to arm individuals with simple — but important — savings tips. To that end, the ING Retirement Research Institute culled through its diverse body of past research and studies to create the following list of ideas for those who want to improve their approach to retirement savings:
Tip #1: Take Responsibility for Your Retirement Savings. ING believes this responsibility is not only for building up a sufficient nest egg, but also making sure those savings last a lifetime while protecting against unexpected financial pitfalls. It also means taking a comprehensive approach—creating a financial plan, getting advice from a trusted financial professional, and utilizing a variety of savings strategies both in and out of the workplace. To help Americans with clear information about retirement, ING has introduced a website, www.RetireWithING.com. The site helps investors make informed decisions about retirement while offering a connection to a professional if they desire personal guidance with savings or income planning.
ING Research: Nearly three-quarters of Americans (74%) agreed that saving for retirement is an individual’s responsibility—and not the government’s job.1
Tip #2: If Your Employer Offers a Savings Plan, Make Sure to Enroll. A workplace plan, while not the entire answer, is the cornerstone of most successful retirement programs and one of the first and best places to start saving. These plans offer a number of benefits, including the convenience of paycheck deduction; tax-deferred growth; company matching, when available; and choice and control over how to invest. For many Americans, these plans serve as the primary—and sometimes the only— vehicle through which they are exposed to investing.
ING Research: Nearly two-thirds of Americans (64%) said their workplace retirement plan accounts for all or most of their retirement portfolio. Nearly half (44%) admitted that if they didn’t have a retirement plan at work, they probably wouldn’t be saving for retirement at all.2
Tip #3: If Possible, Give Yourself a “Retirement Raise.” The current economy and job market pose difficult challenges for family finances. Still, Americans must look closely at ways to boost their retirement saving levels. Even a modest increase in your workplace retirement plan and/or individual retirement account (IRA) savings rate can go a long way toward a more financially secure retirement. During National Save for Retirement Week, take time to see if you, too, can maximize the power of your retirement savings to its full potential.
ING Research: Of those not contributing the maximum to their retirement plan, an overwhelming majority (87%) admitted they could afford to increase their annual contribution by 1% of their annual salary; almost six-in-ten (59%) said they could up their contribution by 3% of salary; and nearly one third (32%) agreed they could afford a 5% increase.3
Tip #4: Gain Greater Control through Rollovers and Account Consolidation. Do you have a 401(k) at a former employer or an IRA with a financial advisor that you haven’t seen or heard from in a while? Having "idle" or "orphaned" retirement savings accounts is not an efficient way to achieve your objectives, since it reduces the level of control you have over your assets. Evaluate your rollover and IRA consolidation options, which can generally help you lower custodian fees, enhance portfolio management, reduce paperwork and improve beneficiary designation planning.
ING Research: Less than half of Americans (48%) said they feel “in control” of their retirement plan investments.4
Tip #5: Consider Spending Time with a Financial Professional. ING has long believed that financial advice from a trusted professional, whether by phone or in person, can be a valuable resource for an investor. Data analyzed by ING’s pioneering peer comparison web-tool, www.INGCompareMe.com, showed that those who spend time with a financial professional are saving more than their peers who do not, with greater investment knowledge and confidence in their ability to enjoy retirement. If you have never received help from a financial professional before, this is something to consider pursuing.
ING Research: Those who spent some time with an advisor reported saving, on average, more than twice as much for retirement as those who spent no time at all. The number jumped even higher — over three times as much — for those who spent a lot of time working with a financial professional.5
By encouraging individuals to look at their “Big Picture,” ING continues its commitment to helping more Americans create positive retirement outcomes. To learn more about any of the findings from ING’s research, please visit the ING Retirement Research Institute at www.ingretirementresearch.com and select the “publications” page.
1. Beyond the Politics and Pundits: What Americans Think about the Private Retirement System (conducted in conjunction with Ipsos Public Affairs, March 2010).
2. In it for the Long Run? Many Americans Could Better “Train” for Retirement (conducted in conjunction with Mathew Greenwald & Associates, Sept. 2010).
3. In it for the Long Run? Many Americans Could Better “Train” for Retirement (conducted in conjunction with Mathew Greenwald & Associates, Sept. 2010).
4. Shedding Light on Retirement (conducted in conjunction with Boston Consulting Group, May-Aug. 2010).
5. Help Wanted: Working with an Advisor (data collected from www.INGCompareMe.com as of May 2010).
ING U.S. is a subsidiary of Dutch-based ING Groep N.V. In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 15 million customers across the nation. For more information, visit http://ing.us.