A new survey finds that 51% of U.S. sports fans are more likely to know their favorite team’s wins and losses than how much they have saved for their own retirement.
The findings released earlier this week by T. Rowe Price, a global investment management firm, also reveal 64% of Americans believe that they started thinking about retirement later than they should have. Nearly 2 in 5 employed Americans feel they are behind and catching up with their retirement goals while 13% of U.S. workers have not even started.
The survey results, announced at the intersection of National Retirement Security Week (Oct. 20-26) and start of the World Series on Oct. 25, are meant to shine a light on where Americans may be striking out on retirement planning and where they are scoring runs. The survey of adults 18 and older was conducted by Wakefield Research for T. Rowe Price.
“National Retirement Security Week can serve as a reminder for all investors to assess their retirement goals and ensure they are on track with their retirement savings,” said Roger Young, at T. Rowe Price.
“Taking proactive steps, like contributing regularly to a retirement account, can have a significant impact over time and can help put each investor on the path toward a better retirement,” Young said.
To help private sector workers save for retirement, more than a dozen states – including New Jersey – have enacted laws requiring employers to enroll workers in state-run auto-IRA saving programs if they do not have a retirement plan. As a result, a growing number of businesses are exploring private retirement plan options instead of the state-run plans.
In New Jersey, companies with 25 or more employees that have been in business two or more years are required to register for the state’s new RetireReady NJ program unless they already have a qualified retirement savings plan for their workers. NJBIA is offering its members an alternative to the state-run plan with more options and investment choices.
The NJBIA retirement solution allows businesses to join a multiple employer plan that can access customizable fiduciary-managed retirement plans for their employees. NJBIA’s program provides employers with more investment choices and an opportunity to match employee contributions – options the state plan lacks.
For more information about the NJBIA retirement solution, go here.
