Consumers more likely to prepare for retirement financially

Dec 10, 2010

There are a variety of ways people can save money for retirement

It's important for people to set aside money for retirement. While income from Social Security can help, in many cases the funds won't be enough. Depending on the policy purchased, some life insurance plans can provide income during one's later years.

Another way people can ensure they have enough money in retirement is by taking part in their employer's retirement plan. A 401(k) allows participants to set aside pre-tax funds and many companies match a certain percentage of contributions.

A survey by a major insurance company shows more people are participating in retirement plans. Eighty-four percent of employees said they take part in their employer's retirement plan, up for 80 percent last year.

Sharon Ritchey, a representative from the insurance company, says the economic meltdown may have served as a wake-up call to many people.

"We've known for a long time that consumers need to save more for retirement and pay closer attention to their retirement savings," says Ritchey. "With economic issues staring us in the face every day, it appears that consumers are, at least for now, focusing more on preparing for retirement."

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