Lincoln Financial encourages savers to take charge of retirement by goal-setting.
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During National Retirement Security Week (Oct. 15-21), Lincoln Financial Group (NYSE: LNC) is urging savers to take one simple step to help them feel more confident about their retirement and conquer the competing financial priorities that are taking them off track -- set a goal, the company said.
According to the Lincoln Retirement Power[R] Participant Study, people who set financial goals are seven and a half times more likely to be confident about retirement and save at a rate that is twice as high as those who do not have a goal.
Among participants who are saving less than they think they need, the top two reasons they aren't saving more are that they "can't afford to save more" and "have other financial goals that are more important." While debt is also a factor, other financial goals like saving for a vacation or an emergency fund are also putting pressure on retirement savings and fighting for consumers' share of wallet.
Individuals who set a retirement savings goal have a median deferral rate of 12 percent -- twice that of those without a goal. Setting other financial goals, like paying off debt, can also have a positive impact on retirement savings. The median retirement savings rate among people who have set a goal for how much debt they want to pay off this year is 10 percent -- as opposed to 7 percent for those who have not set a goal.
Lincoln Financial has a number of easy-to-use, interactive online calculators and tools that can help make financial planning easier, and provide information and tips on setting goals and saving for retirement.
National Retirement Security Week was established by Congress in 2006 as National Save for Retirement Week as a way to promote retirement savings among Americans and encourage employees to participate in their employer-sponsored retirement plans. The US Senate recently passed a resolution continuing its support of the week, as employer-sponsored retirement plans become increasingly important to American savers.
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had USD 241 billion in assets under management as of June 30, 2017. Learn more at: www.LincolnFinancial.com.
The 2017 Lincoln Retirement Power[R] Participant Study is based on a national survey of 2,509 full-time workers ages 21 to 70 who have been contributing to their current employer's defined contribution retirement plan for at least one year -- with data weighted by demographics to mirror the total population. Established in 2010, Retirement Power is a platform for research and viewpoints on central issues related to retirement planning. The program seeks to identify forward-thinking ways to help plan sponsors, advisors, intermediaries and participants. As part of the program, Lincoln sponsors both proprietary and third-party research with an emphasis on what drives better retirement outcomes.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 17, 2017|
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