Prudential Retirement encourages Americans to increase retirement savings during America Saves Week
NEWARK, N.J., February 21, 2013 – Prudential Retirement has joined the annual America Saves Week campaign to encourage more Americans to make a commitment to increase savings over their lifetime with the goal of generating adequate income in retirement. Prudential Retirement is a business unit of Prudential Financial Inc. (NYSE: PRU).
America Saves Week, established in 2007, 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.
“Retirement may be right around the corner or a far off thought, depending on where you are in life,” said George Castineiras, Prudential Retirement’s senior vice president of Total Retirement Solutions. “But no matter if you plan to retire in five years or 30 years, now is the time to take action and increase your savings in order to generate lifetime income in retirement.”
Maintaining pre-retirement standards of living
According to the Center for Retirement Research at Boston College’s National Retirement Risk Index, retirement security is uncertain and workers at risk of being unable to maintain their pre-retirement standard of living once they retire has risen over 9 percent in the past ten years from 44 percent to 53 percent.
“Prudential Retirement is focused on helping Americans manage the risk of outliving their savings in retirement,” added Castineiras. “Prudential Retirement is supporting the Week by urging individuals to take a small step toward saving for retirement. Incremental savings can make a difference in the long term.”
To help Americans build savings and improve their individual retirement security prospects, Prudential Retirement is working with plan sponsors and advisors to provide relevant interactive educational tools to help Americans increase and better manage savings, reduce debt and make retirement planning a priority.
“Americans are living much longer, struggling with income challenges and as a result, are not prepared for retirement,” added Castineiras.
To support Americans goal to retire with certainty and security, Prudential Retirement’s new multidimensional learning site, www.prudential.com/prepare provides relevant and targeted financial information content based on life stage. The Retirement Income Calculator app, available free of charge from the Apple Store, Google’s Android Market and Blackberry’s App World, helps individuals discover how their retirement savings will translate into monthly income in retirement.
“These practical tools will help Americans figure out how long their resources will last,” Castineiras continued.
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement expertise, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $289.8 billion in retirement account values as of December 31, 2012. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT or its affiliates.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $1.060 trillion of assets under management as of December 31, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit here.