Do Retirement Jitters Have Silver Lining for Providers? American Banker (05/11/01) Vol. 4, No. 2 p.7; Ackermann, Matt
The recent decline in workers' confidence regarding retirement
savings could be good news for the 401(k) business. The 2001 Retirement
Confidence Survey, compiled by Mathew Greenwald & Associates and by the
Employee Benefits Research Institute, found that 63 percent of workers
are confident that the money they have saved for retirement is
sufficient. According to the survey, 72 percent of workers last year
were confident they have enough money to live comfortably after their
working years. "Workers have long underestimated how much they'll need
to retire," says Mathew Greenwald. "There is a lot of evidence that
Americans are not spending enough for retirement." A number of banking,
mutual fund, and insurance companies are taking advantage of consumers'
retirement woes. By educating workers to do more to gain control of
their retirement assets, financial institutions and the like are seeing
an increasing number of retirement plan participants.