The Principal Financial Group Says "Avoid Retirement Savings Regrets"
Nov. 13, 2006 (Des Moines, Iowa) — American workers admit they are saving too little, too late. In fact, nearly half of those surveyed in the recent Principal Financial Well Being Index, say saving too late is their biggest financial planning regret. The Principal Financial Group® marks National Retirement Planning Week 2006, November 13 - 17, by offering easy on-line tips and tools to help workers avoid retirement savings disappointments.
"With Americans living longer in retirement and likely to be much more dependant on their own savings, there can never be too many reminders, tips and tools to help them focus on their financial futures," said Monica Kirgan, vice president, Retirement and Investor Services, The Principal®. "National Retirement Planning Week is another great opportunity to remind us all that starting to save or increasing savings right here, right now, can truly impact retirement security."
This year National Retirement Planning Week is encouraging Americans to view retirement as a pendulum, swinging from the retirement savings phase to the retirement spending phase. As the nation's 401(k) leader1 and total retirement solutions innovator, The Principal is offering tools, tips and calculators at www.principal.com that address both saving for retirement and managing income and spending while in retirement. According to The Principal Financial Well-Being Index, only 30 percent of workers and just half of current retirees have a plan to transition retirement savings into a steady income in retirement.
"Today's retirees may need savings to last 30 to 40 years, or even longer, all the while combating rising inflation rates and changing needs. It puts a whole new meaning to accurate retirement planning," said Kirgan. "Our on-line Retirement Income Planning Guide is one of many tools that make it easier for near-retirees and retirees to make the transition."
The Principal web site, www.principal.com , also offers tips to employers who want to help workers build their retirement security. Additional tips and tools are available from the National Retirement Planning Coalition at www.RetireOnYourTerms.org.
About National Retirement Planning Week
Established by the National Retirement Planning Coalition (NRPC) in 2002, National Retirement Planning Week is an annual campaign to heighten public awareness of the need for individual retirement planning. The NRPC's honorary chairperson again this year is author, economist, and actor/Hollywood personality, Ben Stein. More information about the NRPC and National Retirement Planning Week 2006 is available at: www.RetireOnYourTerms.org.
About The NRPC
The National Retirement Planning Coalition brings together twelve leading financial industry and advocacy organizations for the purpose of educating consumers and financial industry professionals on the issues surrounding retirement planning. NRPC members include the Actuarial Foundation, the American Council of Life Insurers (ACLI), the American Savings Education Council (ASEC), the Center for Retirement Research at Boston College, the Financial Planning Association (FPA), For Our Grandchildren - A Social Security Education Project, the International Foundation for Retirement Education (InFRE), LIMRA International, the National Alliance for Caregiving (NAC), the National Association for Variable Annuities (NAVA), the National Preretirement Education Association (NPEA), and the Women's Institute for a Secure Retirement (WISER).
About the Principal Financial Group
The Principal Financial Group® (The Principal®)2 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $215 billion in assets under management3 and serves some 16.4 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) The Principal ranks number one in plans administered - 2006 Spectrem Group analysis of fully-bundled 401(k) providers.
2) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
3) As of September 30, 2006.
Insurance issued by Principal Life Insurance Company. Securities offered through Princor Financial Services Corporation, member SIPC and/or independent broker dealers. Securities sold by a Princor Registered Representative are offered through Princor. Bank Products offered through Principal Bank®, member FDIC, Equal Housing Lender. Principal Life, Princor® and Principal Bank are members of the Principal Financial Group, Des Moines IA 50392.
Insurance and securities are not insured by the FDIC; are not obligations or deposits of Principal Bank nor guaranteed by Principal Bank; and are subject to investment risks, including possible loss of the principal invested.
