Prudential Retirement joins the annual America Saves Week campaign to help Americans recognize the five common human behaviors that can deter them from saving for retirement. Prudential Retirement is a business unit of Prudential Financial, Inc.
“American workers are living longer, but most aren’t thinking about what it means to spend 20 or even 30 years in retirement. Prudential Retirement remains focused on helping American workers recognize the importance of good savings habits to help achieve a secure retirement,” says Christine Marcks, president of Prudential Retirement. “We’ve identified five common human behaviors that often stand in the way of achieving retirement security. By recognizing and learning to overcome these behavioral challenges, individuals have a much better chance of sticking to a solid savings plan.”
Marcks encourages individuals to recognize the five common behaviors that may be impacting their ability to save for retirement:
- I might live how long? Not planning for a retirement that may last 20 years or longer.
- I’ll do it later. Putting off saving for retirement.
- It won’t happen to me. Not planning for the unexpected.
- I just can’t resist. Being swayed by peer pressure in your savings habits.
- I want it now. Not resisting those short-term impulses.
Established in 2007, America Saves Week is an annual week-long event coordinated by the America Savings Education Council and the Consumer Federation of America during which more than 2,000 organizations across the U.S. work together to promote good savings behavior. This is the third year in a row that Prudential Retirement has participated in the campaign.
Increasing longevity, an uncertain market and low interest rates have placed many Americans at risk of outliving their retirement income. There are several instruments that Americans can use to save for retirement, including workplace retirement plans and personal investment and savings accounts.
“For Americans approaching retirement, the challenge is to make sure their money does not run out, as many individuals may need income to last them well into their 80s, 90s or even 100s,” says Bruce Ferris, president of Prudential Annuities Distributors. “Guaranteed lifetime income solutions can offer income certainty in retirement, which can help individuals manage the financial risks associated with market volatility, rising healthcare costs and longevity.”
Despite the numerous strategies available to help accumulate and increase retirement saving, many Americans are overwhelmed by the complexity of these options.
“A financial advisor can help individuals better understand and consider the options offered through the workplace as well as outside of it,” says Caroline Feeney, president of Agency Distribution, Prudential’s national sales organization. “The advisor will assess an individual’s financial picture and determine the appropriate action steps necessary to help them achieve overall financial wellness.”
Source: Insurance News Net