ING U.S. Poll Shows More Americans Must Enter the Retirement 'Race' Consumers say saving for retirement is more difficult than training for a marathon
WINDSOR, Conn., Nov. 1, 2012 /PRNewswire/ -- With the annual ING New York City Marathon on Sunday, Nov. 4, ING U.S. today released data1 revealing that over half of consumers (56 percent) think saving for retirement is more difficult than training for a marathon (44 percent). The data points to a need for consumers to be more aware of their "financial fitness," applying the same strategies they would in marathon training — a plan and long-term focus — to their financial planning efforts.
According to the results, a majority (53 percent) noted that they consider themselves to be only "warming up" when it comes to their financial fitness, having only just begun saving for retirement, while 12 percent are just watching from the sidelines, admitting they have not started saving for retirement at all. About a third (32 percent) of respondents believed they are on track to retire on time, and only three percent of all respondents have "crossed the finish line," having already met their retirement goals.
"Whether or not you commit to running 26.2 miles in life, every American should 'get into the race' when it comes to their retirement planning," said Maliz Beams, chief executive officer of ING U.S. Retirement. "It's very similar to long-distance running — preparing for a secure retirement requires the same discipline, training and long-term strategy. Short-term goals should also be set, including revisiting and tracking your savings and investment plans on a regular basis."
ING U.S. urges consumers to start preparing today for the financial security they expect and deserve tomorrow by taking incremental steps with their retirement planning and saving:
- Conditioning: Start getting into financial shape by saving regularly for retirement through a workplace savings plan and/or an IRA.
- Training: Get into the habit of regularly reviewing your investments and assessing your entire financial fitness. This includes reviewing your family's insurance needs and identifying your short- and medium-term savings goals.
- Maintaining Momentum: Continue to be vigilant with your finances and consider consulting a professional coach (financial advisor) who can help put you on the right track.
As a leader in retirement savings, ING U.S. offers tools, resources and support to help more Americans save for the future while protecting their families along the way. Visit http://ing.us/ for additional tools and resources.
ING U.S. marks its 10th anniversary as title sponsor of the ING New York City Marathon this year. More than 47,000 runners are expected to run the race this Sunday, Nov. 4. The company has also created an online running community called ING Runner's Nation on Facebook, and supports youth running and fitness programs through the ING Run For Something Better Program.
ING U.S. constitutes the U.S.-based retirement, investment and insurance operations of Netherlands-based ING Groep N.V. (NYSE: ING). In the U.S., the ING U.S. family of companies offers a comprehensive array of financial services to retail and institutional clients, including retirement plans, IRA rollovers and transfers, stable value, institutional investment management, mutual funds, alternative investments, life insurance, employee benefits, fixed and indexed annuities and financial planning. ING U.S. holds top-tier rankings in key U.S. markets and serves approximately 13 million customers across the nation. For more information, visit http://ing.us.
1Findings are from a survey conducted by ORC International during the period of Oct. 5-13, 2011. Respondents were 4,050 adults between the ages of 25 and 69 who are employed full-time with an annual household income of $40,000 or greater. Data were weighted to make the results representative of the U.S. population.
SOURCE ING U.S.