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Nationwide News: Don’t forget your retirement
Buckeye Farm News
by Paul Ballew, Sr. Vice President, Nationwide
While the economic crisis may still linger, there is good news: Consumers are spending less and reducing their debt. Smart moves, especially now. This recession has demonstrated the value of a healthy household balance sheet.
The bad news? Many people are cutting back on things that are necessary in the long term, such as their retirement nest egg. Employees, for example, hesitate to contribute to their 401(k) as employers eliminate or reduce the employer match – a growing trend according to a recent survey by CFO Research Services and Charles Schwab. The study shows that more than 25 percent of large companies have stopped matching 401(k) contributions, or expect to do so soon.
It’s About the Future
With U.S. household net worth down 22 percent from the peak in 2007, it’s no wonder that consumers are moving seemingly nonessential investments in a retirement account to the bottom of their “must-have” list. But the decision to do so may leave many struggling financially in the future.
A 2009 Retirement Confidence Survey conducted by the Employee Benefit Research Institute found that the percentage of workers “very confident” about having enough money for a comfortable retirement fell to 13 percent in 2009, down from the previous record low of 16 percent in 2008 and from 27 percent in 2007.
More important is this: the same thing that may stop you and your employer from putting money away (the recession, falling home prices, volatile investment returns and the increasing cost of things such as healthcare) is actually the reason you should continue, even increase, your contributions to savings vehicles like 401(k)s.
The reality is households should consider saving and investing more – and more effectively – to help ensure financial security later. This is where Nationwide comes in.
Our mission to help customers realize their long-term dreams and protect what’s most important to them is even more relevant during tough times.
Nationwide remains financially strong and well-positioned to weather a rough economy and thrive in the coming recovery. We want to make sure you’re just as prepared. This has been our goal since the company’s founding in 1926. Nationwide offers comprehensive financial services to help you navigate the challenging economic environment and save for the future.
To learn if you’re financially on track for retirement, take the quick, interactive RetirAbility Check at Nationwide.com, and see your personal Retirement Readiness Score, or R-Score. It’s based on the National Retirement Risk Index (NRRI) developed by the Center for Retirement Research at Boston College which was recently updated with an enhanced focus on health care costs.
Nationwide can help you put your retirement foundation in place for a solid financial tomorrow. Contact your local agent, or call a Nationwide investment professional at 1-877-245-0761.
Nationwide is sponsored and endorsed by Ohio Farm Bureau Federation.