Nearly Half of U.S. Workforce Financially Ill-Prepared for Retirement
January 20 2005 - 6:00AM
PR Newswire (US)
Nearly Half of U.S. Workforce Financially Ill-Prepared for
Retirement Three Quarters Expect to Work Well Beyond Retirement NEW
YORK, Jan. 20 /PRNewswire-FirstCall/ -- Nearly half (45 percent) of
the U.S. workforce does not believe it will have enough money set
aside for a comfortable retirement. This according to the latest
national Hudson retirement survey, which also finds that
three-fourths (74 percent) of U.S. workers plan to work at least
part-time during their retirement years. Forty- one percent of
workers plan to retire before they reach the age of 65. Though 47
percent of employees believe that their company does a good or
excellent job educating its workforce about retirement planning and
benefits, a nearly equal percentage rate their organizations as
fair or poor. Individuals in higher income brackets give more
complimentary appraisals. Nationally, workers do not expect company
pensions and Social Security to provide significant retirement
income. Half (52 percent) report that personal savings will provide
the biggest share of their income after they stop working, while
only 20 percent expect company pensions to do so. Twenty-one
percent of workers expect social security to comprise the biggest
chunk of their retirement income. Biggest Share of Anticipated
Retirement Income (% workers): All Men Women 18-29 30-39 40-49
50-64 65+ Workers Personal 52 57 47 63 58 46 40 51 Savings Company
20 19 20 16 19 23 23 12 Pensions Social 21 19 24 14 17 25 31 24
Security "As companies cut back on traditional pensions and
healthcare coverage for retirees, it is clear that the workforce
will have to turn to their own savings and/or keep working to
sustain themselves during retirement," says Jeff Anderson, senior
vice president of Hudson, North America. "As individuals stay in
the workforce longer -- either by choice or necessity --
organizations would be well-served by creating programs and
training that recognize the value of older workers." A third (31
percent) of workers in the age group of 50-64, who are fast
approaching traditional retirement age, anticipate that Social
Security will provide the biggest income contribution, although a
plurality (40 percent) expect personal savings to do so. However,
the younger workforce (18-29) is no longer taking Social Security
for granted. Only 14 percent expect it to provide the biggest share
of their retirement income. Workers under 40 are also more likely
to predict they will not work during their retirement years than
those 40 and older. Plan to work during retirement years (%
workers): All Men Women 18-29 30-39 40-49 50-64 65+ Workers
Part-time 51 48 53 48 47 53 57 51 Consulting 12 13 11 17 15 8 9 5
Full-time 11 14 8 6 10 12 14 30 Will Not 15 15 15 16 18 13 12 7
Work The Hudson retirement survey is based on a national poll of
2,170 U.S. workers and was compiled by Rasmussen Reports, LLC, an
independent research firm (http://rasmussenreports.com/ ). Hudson,
one of the world's leading professional staffing, outsourcing and
human capital solution providers, also publishes the Hudson
Employment Index(SM), a monthly measure of the U.S. workforce's
confidence in the employment market. Next month's Hudson Employment
Index(SM) will be released on February 2, 2005. Hudson Hudson
delivers specialized professional staffing, outsourcing and human
capital solutions worldwide. From single placements to total
solutions, the firm assesses, recruits and develops talent to meet
the specific business needs of each client. Global practice areas
include Accounting & Finance; Engineering, Operations &
Scientific; Healthcare; Human Resources; IT &
Telecommunications; Legal; and Sales & Marketing. Hudson is a
division of Hudson Highland Group, Inc. (NASDAQ:HHGP) one of the
world's leading professional staffing, retained executive search
and human capital solution providers. More information is available
at http://hudson.com/. DATASOURCE: Hudson Highland Group, Inc.
CONTACT: Jennifer Bernhart of Hudson, +1-813-890-7379, ; or Anshula
Ahluwalia of Ogilvy Public Relations, +1-312-397-6074, , for Hudson
Web site: http://www.hhgroup.com/ http://hudson.com/
http://rasmussenreports.com/
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