Increased flexibility within Data
Direct allows clients to compare their performance with more than 75 universes
in the Northern Trust Investment Risk and Analytical Services (IRAS) database,
spanning foundations and endowments, corporate pensions, public funds and
wealth management plans in North America. Clients can customize comparisons at
the plan level or for different investment programs and accounts.
Northern Trust Data Direct is an
interactive Microsoft Excel plug-in program that uses Web services to retrieve
information from various Northern Trust databases.The application offers users
streamlined access to their data by automating the flow of information to Excel
workbooks through intuitive query definitions. Data Direct assists clients in
automating everyday Excel workbooks around specific data needs by dynamically
populating spreadsheets on demand.
“The introduction of peer universe information to Data
Direct aligns with our strategic goal of providing access to information that
meets the analytical needs of institutional clients,” said Paul d’Ouville,
global head of Product Management of Northern Trust.
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On average, the survey found, those
nearing retirement (ages 50 to 70) aim to close a $250,000 gap before they can
retire comfortably, and 68% percent plan to work after they officially retire.
Still, the majority (78%) expect to be extremely happy after they leave the
work force.
Nearly nine in 10 (88%) respondents
said they feel comfortable navigating all of the resources available about
retirement preparation. Seventy percent said they feel in control of their
financial future, and 72% said their dream retirement includes really nice
vacations.
However, more than one-third (38%)
admitted they may not have an accurate understanding of what costs they
will face in the future because that have not yet estimated their annual
expenses in retirement. Less than half of respondents (46%) are extremely or
very confident they will be able to afford essential expenses—housing,
utilities and medical costs—in retirement. Just 38% feel confident in their
ability to afford extras such as traveling and pursuing hobbies.
Respondents said they expect to need
close to $1 million for a comfortable retirement (on average, $934,000), but
their current investable assets, including employer-sponsored plans, are less
than $700,000. One in five (22%) report they have less than $250,000 total
saved for retirement.
“There seems to be a significant
disconnect between the expectations that Americans have for their lifestyle in
retirement and the financial steps they’re taking—or not taking—to make those
expectations a reality,” said Suzanna de Baca, vice president of wealth
strategies at Ameriprise Financial.
(Cont’d…)
Fewer than two-thirds (62%) of
respondents claimed they have done everything they can to prepare for
retirement, but de Baca asserted the survey found some good news: “There are
several things that most people are doing right,” she said, “and there are
steps that everyone can take to help build their financial readiness for
retirement.”
Almost six in 10 (58%) said they
could save more than they are putting away now, but only one-third (32%) said
they feel afraid they are not saving enough.
Nearly half (47%) expect to use
their home equity to help fund their retirement, but 37% of homeowners say they
have not yet—or are not on track to—pay off their mortgage before they retire.
“The study reveals several action
steps that those who feel the most confident about affording essential expenses
in retirement have taken, including having a written financial plan, factoring
inflation into their retirement plans and calculating how much income their
assets will produce in retirement,” added de Baca. “These are actions anybody
can take, even if they are maxing out savings or cannot afford to simply save
more.”
(Cont’d…)
When asked whether they worry more
about their health or their finances in retirement, half of respondents
admitted they are more concerned about their health (53%), while only one-third
(35%) claimed their finances are more worrying. Five percent answered
“both.”
Many of these may not understand the
health care costs they will face in retirement, however. Fifty-six percent
admitted they have not yet researched what Medicare covers, and the majority
(69%) have not purchased long-term care insurance.
The Retirement Check-In survey was
commissioned by Ameriprise Financial Inc. and conducted via telephone
interviews by Koski Research between October 31 and November 14, 2012. The
survey was conducted among a targeted sample of households and includes
responses from 1,000 employed Americans ages 50 to 70 years old with investable
assets of at least $100,000 (including employer retirement plans, but not real
estate) who plan to retire at some point.