Employees may be financially unprepared for retirement

Jun 26, 2012

Employees may not be ready for retirement.

A new Deloitte survey shows that employees may not be quite ready for retirement. About 84 percent of executives responsible for 401(k) plans said only some or very few employees will be prepared when they reach retirement.

"From this survey we've learned that for the past several years Americans have not been saving and investing enough for retirement," said Stacy Sandler, principal of Deloitte Consulting. "Rising healthcare costs and dropping 401(k) balances have taken their toll on employees. Those factors, combined with record levels of personal debt, high unemployment and low levels of personal savings continue to paint a highly concerning picture of retirement readiness."

Sponsors of 401(k) plans said the top goal for this year is improving employees' financial planning for retirement. About 49 percent of sponsors are offering features that automatically increase contribution levels to help improve savings.

US News & World Report writer Jeff Rose said even during retirement, life insurance can still be useful for estate planning and making sure dependents are financially sound even after a sudden death.

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