On Retirement

Mary Beth Franklin: The secrets of successful savers

New survey reveals how prudent planners go about reaching their retirement goals

Sep 7, 2012 @ 12:01 am

By Mary Beth Franklin

Are you sick of hearing about the failed 401(k) system and the looming retirement crisis in America? Me, too. Well finally, there's some good news about retirement savings and just in time for 401(k) Day which is Friday September 7. (Who knew? I guess Hallmark doesn't make a card for that)

Anyway, almost two-thirds of Americans with $100,000 or more in assets say they are on target or ahead of their retirement planning goals, according to a new survey by The PNC Financial Services Group. And, more than a third of the more than 1,000 respondents who were between the ages of 35 and 70 say their retirement planning goals have not been adversely affected by the recession.

Asked what as the most important retirement-related decision they have made in their lives, almost half — 47% — said “living within my means” while more than a third –35%--said they started saving at a young age. More than 40% said saving for retirement is their primary financial goal.

Nearly three-quarters of respondents say they invest as much they can through their employer-based retirement accounts, according to the “Perspectives of Retirement Survey: Lessons from Successful Savers” which was conducted online in July. And almost two-thirds say they regularly save additional amounts outside their work-based retirement accounts.

“Clearly, the lesson is work and save more now while you are in your prime earning years so that you have the option of not working at all during retirement,” said Stephen Pappaterra, head of wealth planning for PNC. “A pattern of making good decisions, planning and sticking to the plan is a theme repeated throughout the survey:”

So enjoy the rate good news and Happy 401(k) Day!


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