Products October 5, 2010

Principal Expands Retirement Education Portal

The expanded Retirement Education Portal from the Principal Financial Group offers financial professionals access to an online library focused on retirement income planning, in addition to tools and resources for overall retirement plan education.
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A Principal press release said the Retirement Education Portal allows financial professionals to select materials based on number of years prior to retirement or by the stages of retirement planning.    

Resources include: 

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  • Education plans that can be tailored to clients
  • One-on-one and group meeting materials
  • A step-by-step guide to planning and conducting more effective education meetings
  • The new Education Edge magazine with information about new educational offerings

 

“The new portal makes it easy for financial professionals to pick and choose resources that match how they want to deliver retirement income planning education,” said Tim Minard, vice president of distribution for retirement and investor services at The Principal, in the press release.

In addition to the expanded portal, financial professionals also have access to local education personnel who conduct both group education meetings and one-on-one meetings with participants.
Data & Research October 5, 2010

Despite Saving, Boomers Feel Less Prepared for Retirement

Despite proactive savings behaviors, 66% of boomers polled by the Transamerica Center for Retirement Studies said they are less confident in achieving a financially secure retirement than they were last year.
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The “11th Annual Retirement Survey” of American workers found that since the recession began, 58% of baby boomers have maintained or increased the amount of money they’re saving, while 65% have cut their spending. Yet, 71% agreed they could work until age 65 and not have enough saved to meet their retirement needs.  

Forty percent of boomers surveyed plan to work past age 70 or not retire at all. Only 34% have $100,000 or more saved in all household retirement accounts.  

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Nearly six in ten (59%) boomers have a plan for how to reach their retirement goals (though just 8% have it written down).  Forty-eight percent guessed at the amount of money they expect to need to have saved to feel financially secure in retirement, and the median amount was $500,000.

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