Defined contribution plan sponsors in the Utilities industry are doing a better job of preparing their workers for retirement than other industries, according to an analysis by Judy Diamond Associates that examined national retirement preparedness by industry.
The 24th annual EBRI survey found that 73 percent of people who say they dont save in either an IRA or a defined contribution plan have assets totaling less than $1,000, compared with 11 percent of those who have a plan.
A survey found that only 17 percent of respondents are contributing to an IRA, a decline from 22 percent in 2012, potentially missing tax and savings benefits.
While 93 percent think they should contribute some portion of their income toward retirement and half believe it should be more than 10 percent, only one-fifth are currently saving 10 percent or higher.
The Hispanic Caucus said that the fiduciary definition is important to its community because low and middle-income Hispanics have retirement plan savings almost 40 percent lower than other low and middle-income individuals.
Social Security accounted for $1.39 per hour, or 4.7 percent of total compensation, while retirement and savings benefits accounted for $1.10 per hour, or 3.7 percent of compensation.
Nearly 90 percent of people between the ages of 55 and 64 believe retirement is real and they will one day not need to work and still be able to live comfortably.
Bond funds had the largest inflows with gains of $79 million and GIC/stable value funds had gains of $51 million.
DebugScreen: mobile
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"articles": [
{
"uri": "/2014/03/19/top-10-industries-for-retirement-preparedness/",
"title": "Top 10 industries for retirement preparedness",
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"summary": "Defined contribution plan sponsors in the Utilities industry are doing a better job of preparing their workers for retirement than other industries, according to an analysis by Judy Diamond Associates that examined national retirement preparedness by industry.",
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{
"uri": "/2014/03/18/roughly-three-quarters-without-retirement-plans-ha/",
"title": "Roughly three-quarters without retirement plans have about $1,000 in savings",
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"summary": "The 24th annual EBRI survey found that 73 percent of people who say they dont save in either an IRA or a defined contribution plan have assets totaling less than $1,000, compared with 11 percent of those who have a plan.",
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{
"uri": "/2014/03/18/americans-prefer-choosing-a-restaurant-or-buying-a/",
"title": "Americans prefer choosing a restaurant or buying a TV over IRA planning",
"byline": "Paula Aven Gladych",
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"summary": "A survey found that only 17 percent of respondents are contributing to an IRA, a decline from 22 percent in 2012, potentially missing tax and savings benefits.",
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{
"uri": "/2014/03/17/baby-boomers-increasingly-expect-to-put-off-retire/",
"title": "Baby boomers increasingly expect to put off retirement",
"byline": "Paula Aven Gladych",
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"prettyDate": "March 17, 2014",
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"summary": "Older workers getting ready to retire have increased worries they wont be financially ready to retire. Many plan to keep working as long as possible.",
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{
"uri": "/2014/03/17/only-72-percent-of-americans-saving-for-retirement/",
"title": "Only 72 percent of Americans saving for retirement",
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"prettyDate": "March 17, 2014",
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"summary": "While 93 percent think they should contribute some portion of their income toward retirement and half believe it should be more than 10 percent, only one-fifth are currently saving 10 percent or higher.",
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{
"uri": "/2014/03/14/hispanic-lawmakers-concerned-about-fiduciary-rule/",
"title": "Hispanic lawmakers concerned about fiduciary rule",
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"prettyDate": "March 14, 2014",
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"summary": "The Hispanic Caucus said that the fiduciary definition is important to its community because low and middle-income Hispanics have retirement plan savings almost 40 percent lower than other low and middle-income individuals.",
"body": null
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{
"uri": "/2014/03/14/private-industry-paid-2-49-an-hour-for-benefits-in/",
"title": "Private industry paid $2.49 an hour for benefits in December",
"byline": " Paula Aven Gladych ",
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"prettyDate": "March 14, 2014",
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"summary": "Social Security accounted for $1.39 per hour, or 4.7 percent of total compensation, while retirement and savings benefits accounted for $1.10 per hour, or 3.7 percent of compensation.",
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{
"uri": "/2014/03/14/when-it-comes-to-social-security-most-dont-know-mu/",
"title": "When it comes to Social Security, most don’t know much",
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"summary": "With thousands of strategies out there to choose from, it isnt all that surprising that people dont understand their options.",
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"uri": "/2014/03/13/vast-majority-of-near-retirees-believe-theyll-actu/",
"title": "Vast majority of near-retirees believe they’ll actually retire",
"byline": "Paula Aven Gladych",
"kicker": "",
"prettyDate": "March 13, 2014",
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"summary": "Nearly 90 percent of people between the ages of 55 and 64 believe retirement is real and they will one day not need to work and still be able to live comfortably.",
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},
{
"uri": "/2014/03/13/dc-plan-participants-leaned-toward-fixed-income-la/",
"title": "DC plan participants leaned toward fixed income last month",
"byline": "Paula Aven Gladych",
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"prettyDate": "March 13, 2014",
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"summary": "Bond funds had the largest inflows with gains of $79 million and GIC/stable value funds had gains of $51 million.",
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}
