The U.S. retirement system is undergoing major changes, but many American workers are not adapting well to these changes and they are putting their retirement at risk, according to the 17th annual Retirement Confidence Survey (RCS). This years RCS provides several reasons why Americans may be confused and unprepared for retirement. Some survey results include:
* Nearly half of workers say that recent changes in the employer pension system have made them less confident about having a traditional pension * Workers anticipate that a 401(k) plan will be the largest source of their retirement income
* Many do not know if they will follow professional investment advice to help them manage their accounts under legislation Congress passed last year Financial experts Daniel Houston and Jack VanDerhei will be available to discuss the complete survey results and help your viewers get on the right financial track. Topics of discussion will include:Highlights and major findings from the 2007 RCS (the survey will be released on April 11th) Do-it-for-me investment solutions and automatic programs that can help keep you on track.Strategies to achieve financial goals; tips for saving for retirement and other important life stages.Public confidence about the future of Social Security, Medicare and pensions.
The Retirement Confidence Survey (RCS) is a comprehensive study on the attitudes and behaviors of American workers and retirees toward all aspects of saving, retirement planning, and long-term financial security. The RCS contains a core set of questions that is asked annually, providing trend data on how people’s views towards a variety of money management issues have changed over time.
More about Jack Vanderhei: Jack VanDerhei is a faculty member at Temple University’s School of Business and Management (Department of Risk, Insurance, and Healthcare Management) and the Research Director of the EBRI Fellow’s Program http://www.ebri.org/fell/index.htm
. He is currently the project director of both the Defined Contribution and Participant Behavior Research Program http://www.ebri.org/dc_project/index.htm , and the Retirement Security Research Program http://www.ebri.org/rsrp/index.htm