Lincoln Financial Group Study on Retirement Concerns
RADNOR, Pa., October 19, 2016 — /BUSINESS WIRE/ — Americans believe their top sources of income in retirement will be the money they have saved through employer-sponsored plans and Social Security, according to new research from Lincoln Financial Group.
To help employees make the most of those employer-sponsored plans during National Save for Retirement Week, Oct. 16 – 22, Lincoln’s Retirement Plan Services (RPS) business is launching a video starring “Bob,” a fictional character who illustrates the importance of saving early and often. The goal of Lincoln’s “Bob” video is to encourage employees to take actions today that can help them meet their retirement goals tomorrow.
The video follows Bob as he progresses through his career and makes good retirement savings decisions – receiving the full employer match, increasing the amount he contributes to his employer-sponsored plan, meeting with a financial advisor and developing a strategy to translate the money he saved into income in retirement.
“From our perspective, the ultimate outcome in retirement is income,” said Jamie Ohl, president, Retirement Plan Services, Lincoln Financial Group. “The data from our American Consumer Study shows that individuals believe they are going to be responsible for their own retirement security. We want to help them understand how they can make the most of an employer-sponsored plan, so they can achieve the retirement they envision.”
Savers are facing challenges. According to the study, more than a third of Americans (36 percent) say they wish they were putting more money into their retirement savings plans, but more than half are prioritizing paying off short-term debt over saving for retirement. This is especially prevalent among Millennials – only 56 percent of whom are contributing to a retirement savings plan.
The study also showed that savers want access to both online tools and face-to-face discussions. Among those surveyed, 68 percent said access to face-to-face discussions is important and 73 percent said online tools are important when they’re communicating with a company that offers retirement products.
“There is a lot of focus on technology today, and it is important,” Ohl said. “But as the results of the study showed, technology alone isn’t enough. It’s the combination of technology and personalized service that will truly drive positive outcomes.”
National Save for Retirement Week was established by Congress in 2006 as a way to promote retirement savings among Americans and encourage employees to participate in their employer-sponsored retirement plans.
As part of National Save for Retirement Week, RPS is also introducing the “What’s Your Journey” retirement education and communication program, available for its plan sponsors to use with participants. This program includes a comprehensive suite of materials designed to inspire participants to think about where they are on their retirement journeys and how saving more can help move them along the path to the retirement they envision. It also helps participants balance retirement saving with other financial priorities.
About the American Consumer Study
Results for the American Consumer Study are based on a national survey conducted by Lincoln Financial Group in August 2016 among 2,550 adults ages 18 and older across the United States.
About Lincoln Financial Group’s Retirement Plan Services
For more than 60 years, Lincoln Financial Group’s Retirement Plan Services (RPS) business has been helping savers boost their retirement readiness through employer-sponsored plans. Our distribution force of more than 400 professionals, including institutional and wholesale distribution channels and advisor-based sales teams, works to provide plan sponsors with retirement plans that not only meet the unique needs of their plan participants but also align with sponsors’ total rewards strategies and help recruit and retain top talent. RPS Retirement Consultants, available onsite, online and by phone, develop long-term one-on-one relationships with savers to help motivate them to take actions that lead to better retirement outcomes. RPS offers personalized services, solutions and education to help plan participants get to and through retirement. The business serves approximately 1.4 million participants through 22,000 plan sponsors with $55 billion in assets under management as of June 30, 2016.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $223 billion in assets under management as of June 30, 2016. Learn more here. Find us on Facebook, Twitter, LinkedIn and YouTube. To sign up for email alerts, please visit our Newsroom.