No doubt about it. Saving for retirement is challenging. As the years tick away, the more difficult it becomes to gain ground in securing a comfortable living in retirement. Studies show people are not saving enough for retirement; many are simply not saving, period. Whether it is due to student loan debt, credit card expenses, or simply day-to-day financial needs, it is clear that most individuals will not be prepared to retire with adequate savings when the time comes.

In order to encourage holistic retirement planning; urge Americans to commit to saving for their retirement; and to provide the public with educational resources to help make informed decisions regarding finances, National Retirement Planning Week was born. Celebrated this year from April 3rd through April 7th, National Retirement Planning Week is an effort to help individuals focus on their financial needs in retirement. This year the theme focuses on how consumers can ‘Rethink Retirement’ and offers tips and strategies to help individuals better prepare for their retirement journey.

Throughout the week, educational materials and events are organized by The National Retirement Planning Coalition, a group of prominent education, consumer advocacy and financial services organizations, who recognize the ongoing need to help Americans plan for retirement.  The coalition, spearheaded by the Insured Retirement Institute, is committed to educating Americans about the importance of retirement planning and is determined to make this a national priority.

WorldatWork, as a coalition member, supports the coalition’s mission to raise public awareness of the need for comprehensive retirement planning. WorldatWork recognizes retirement planning as a key component of an organization's overall total rewards strategy, and the significant role employers play in helping their employees save for the future.

With the demise of traditional pension plans, and the uncertainty of the future of Social Security, responsibility for saving for retirement has shifted primarily to individuals via defined contribution plans and individual retirement accounts. We know that for a great majority of people, 401(k) plans will serve as the primary retirement vehicle for many retirees. As employer-sponsored retirement plans play a critical role in the retirement preparation of individuals, many organizations continue to support workers in preparing for retirement by demonstrating their commitment to 401(k) and financial wellness programs.

Here are some stats to consider:

According to the Insured Retirement Institute’s Seventh Annual Boomer Expectations for Retirement 2017 survey,
·        Only 23% of Boomers are confident that they will have enough money to last the duration of their retirement and that they have done a good job preparing for that retirement.
·        Only 4 in 10 Boomers have attempted to calculate how much they will need to save for retirement
·        The number of Boomers reporting that Social Security will be their major source of income has risen to 60%, and
·        Only 54% of Baby Boomers have money saved for retirement; of this 54%, roughly 60% have saved at least $100,000

Per The 2017 Consumer Financial Literacy Survey,  (By the way, April is, also, Financial Literacy Month.)
·        Over 1 in 4 U.S. adults do not save any portion of their household’s annual income for retirement, and
·        High-interest credit card debt is a likely contributing factor when it comes to long-term financial worries.

Based on the results of The Retirement Preparedness Study by Prudential,
·        74% agree they should be doing more to save for retirement but 40% don’t know what to do, and
·        Americans grade themselves as a ‘C’ for retirement preparedness. More than 1 in 10 give themselves an “F.”

According to the Employee Benefit Research Institute (EBRI)’s 2017 Retirement Confidence Survey, workers’ confidence in having enough to retire comfortably has remained low, with some workers reporting that preparing for retirement is emotionally or mentally stressful.

Let’s not, also, forget the implications for the need for health-care coverage in retirement and the potential need for long-term care down the road, especially as more people are living longer. Individuals will need to factor in these costs as they save for their retirement future.

Developing a plan is the first step towards any attempt to hope to achieve a financially secure future. The next step is to commit to saving. National Retirement Planning Week helps to bring awareness and education around these factors in order to help individuals work towards a sound financial future.

The National Retirement Planning website offers many great articles, tools, calculators, and resources for individuals, along with numerous ways for employers to participate in this initiative. I encourage you to check out the many resources and activities available to help promote the importance of retirement savings and overall financial wellness.

Throughout 2017, National Retirement Planning Week will continue to promote awareness of the need to comprehensively plan for retirement and encourage Americans to plan for their future financial needs. To support these education efforts, the coalition has made tools and resources available year-round at www.retireonyourterms.org.

Individuals are facing unprecedented challenges and uncertainty as they approach retirement. National Retirement Planning Week is an opportunity for everyone, including employers, to get involved and raise awareness. We don’t get an opportunity to “do it over,” so let's help our employees “do it’ and "do it now"…before it’s too late!

Lenny Sanicola, Senior Practice Leader, WorldatWork