People Lack Confidence in Having Enough Money to Live Comfortably During Retirement According to a U.S. Bancorp Investments S...
March 05 2015 - 12:38PM
Business Wire
Majority of retirement savers grappling with
challenges to be fully prepared for retirement
More than half of retirement savers surveyed are not confident
or are unsure whether they will have enough money to live
comfortably throughout retirement according to a survey by U.S.
Bancorp Investments. As part of the recent launch of
RealSteps>Retirement® (www.usbank.com/retirement), U.S. Bancorp
Investments surveyed 3,406 people online regarding their retirement
preparedness.
Some of the survey’s additional findings include:
- 70% of respondents with less than
$100,000 in investable assets reported that they were not
confident or unsure they would have enough money to live
comfortably through retirement.
- Only 6% of respondents with less than
$100,000 in investable assets reported being confident they
will have enough money to live comfortably throughout
retirement.
- 33% of respondents with less than
$100,000 in investable assets and 17% of respondents with more than
$100,000 in investable assets said that they were unsure
they would have enough money to live comfortably throughout
retirement.
- Among respondents with more than
$100,000, 48% reported moderate confidence that they would
have enough money to live comfortably throughout retirement, while
24% of respondents with less than $100,000 in investable assets
expressed moderate confidence.
“Because we can’t predict what lies ahead, holistic retirement
planning allows people to prepare for the unknown and navigate
through challenges to retiring comfortably with more confidence,”
said Bill Benjamin, president and CEO of U.S. Bancorp Investments.
“Educational tools combined with financial advice can make a
significant difference in your retirement plan and provide you with
clear answers about the steps you need to take to be able to retire
comfortably.”
There are immediate steps that those saving for retirement can
take:
- Get started—even if it means
putting aside $25 each week. It’s important to remember that it’s
never too early or too late to plan for retirement.
- Don’t leave money on the
table—Make sure that you are participating in your company’s
retirement plan, particularly if your employer matches your
contribution. According to a January 2014 survey by the Government
Accountability Office, only 5% of savings-plan participants
contribute the maximum amount allowed annually (currently
$18,000).
- Seek advice—An advisor can help
you make informed decisions on how to achieve your goals and
provide clarity at all stages of retirement saving.
U.S. Bank and U.S. Bancorp Investments recently launched
RealSteps>Retirement®, a comprehensive planning process that
provides tools, resources and expertise to help individuals,
families and business owners move closer to their retirement goals.
To learn more about RealSteps>Retirement, please visit
www.usbank.com/retirement or call 800-871-6250.
The surveyU.S. Bancorp Investments’ retirement
preparedness survey is based on a nationally representative sample
of 3,406 individuals, which were primarily U.S. Bank customers. The
anonymous survey was conducted online between October 4 and
December 17, 2014.
About U.S. Bank Wealth ManagementU.S. Bank Wealth
Management offers comprehensive wealth management services,
including wealth planning, investment management, trust and estate
services, and private banking, for individuals, families, and their
foundations through three distinct service models. Ascent Private
Capital Management (ascent.usbank.com) serves clients with $50
million or more in net worth; The Private Client Reserve
(reserve.usbank.com) serves
clients with $3 million or more in net worth; and The Private
Client Group serves affluent clients with more than $100,000 of
investable assets.
About U.S. BancorpMinneapolis-based U.S. Bancorp (NYSE:
USB), with $403 billion in assets as of December 31, 2014, is the
parent company of U.S. Bank National Association, the fifth-largest
commercial bank in the United States. The company operates 3,176
banking offices in 25 states and 5,022 ATMs and provides a
comprehensive line of banking, investment, mortgage, trust and
payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at www.usbank.com.
About U.S. Bancorp InvestmentsFor U.S. Bancorp
Investments: U.S. Bancorp Investments, an affiliate of U.S. Bank,
provides financial planning, investment management, full-service
brokerage, self-directed brokerage, and insurance products and
services to individual investors. Financial Advisors serve clients
with more than $100,000 in investable assets at more than 3,000
U.S. Bank branches in 25 states. For more information, visit
usbank.com.
For U.S. Bank: Deposit products offered by U.S. Bank
National Association. Member FDIC. Credit products offered by U.S.
Bank are subject to normal credit approval. U.S. Bank is not
responsible for and does not guarantee the products services or
performance of U.S. Bancorp Investments.
Deposit products offered by U.S. Bank National Association.
Member FDIC. Credit products offered by U.S. Bank National
Association and subject to normal credit approval.
Investment products are:
Not a
Deposit Not FDIC Insured
Not Guaranteed by the Bank May Lose Value
Not Insured by Any Federal Government Agency
U.S. Bancorp Investments and U.S. Bank are not affiliated with
the companies or organizations mentioned above. U.S. Bancorp and
its representatives do not provide tax or legal advice. Each
individual's tax and financial situation is unique. Individuals
should consult their tax and/or legal advisor for advice and
information concerning their particular situation.
U.S. Bancorp is not affiliated with the companies or
organizations mentioned above. U.S. Bank is not responsible for and
does not guarantee the products, services or performance of
third-parties.
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U.S. BancorpMichael WalshSenior Manager, Public
Relations612-303-9122Michael.Walsh@usbank.comorRobin FrancisSenior
Manager, Public Relations651-466-7187Robin.Francis@usbank.com
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