Workers still pessimistic about retirement
Posted: March 13, 2012 at 11:13 am
NEW YORK (CNNMoney) -- Concerns about job security and piles of debt have left American workers more pessimistic about retirement than ever.
Only 14% of workers feel "very confident" they will have enough money to live comfortably in retirement, while 38% of workers say they are "somewhat confident" and 23% say they are "not at all confident," according to a survey by the Employee Benefit Research Institute. The results have remained relatively unchanged since hitting an all-time low in 2009.
Many respondents said that saving for retirement has taken a backseat to more immediate financial concerns. About 42% of survey respondents said a lack of job security is the biggest issue they are facing, with only 28% of workers saying they feel very confident they will have a paying job for as long as they need it. Meanwhile, a whopping 62% -- nearly two-thirds -- of workers said their debt is a problem.
As a result, many workers barely have any savings, with about 60% of workers reporting total savings and investments of under $25,000 (excluding the value of their home and benefit plans). About 30% of these respondents said they have less than $1,000 in savings.
In addition, far fewer people are saving for retirement. The percentage of workers who said they were putting money away for retirement fell to 66% in 2012 from 75% in 2009. People earning less than $35,000 account for the majority of that decline -- most likely because they have either lost their jobs or are worried they may be out of work in the future, the report found.
"A lot of the people who have either lost their jobs or are worried about losing their jobs are trying to put a little money away for a rainy day and just don't have money to put into savings right now," said Jack VanDerhei, EBRI research director and co-author of the report.
Out of those who have started planning and saving, 67% say they are behind schedule. This is unchanged from 2011, but 12 percentage points higher than the 55% of workers who were behind schedule in 2005.
Medical costs are also a major concern, with only 13% of respondents reporting that they are very confident they will be able to afford medical expenses when they retire. Only 26% of workers are very confident that they will even have the money to pay for basic expenses.
While workers' lack of saving and confidence in their ability to retire comfortably is troubling, VanDerhei said it's good that people are becoming more realistic about their financial situations. In 2009, following the economic downturn, many workers clung to over inflated expectations about their retirement future.
However, instead of putting more money into savings, more people are opting to delay retirement, with 37% of respondents expecting to retire after age 65. That's up from only 11% in 1991.
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Workers still pessimistic about retirement
Retirement scare: 60% of workers have less than $25,000 saved
Posted: at 11:13 am
NEW YORK (CNNMoney) -- Concerns about job security and piles of debt have left American workers more pessimistic about retirement than ever.
Only 14% of workers feel "very confident" they will have enough money to live comfortably in retirement, while 38% of workers say they are "somewhat confident" and 23% say they are "not at all confident," according to a survey by the Employee Benefit Research Institute. The results have remained relatively unchanged since hitting an all-time low in 2009.
Many respondents said that saving for retirement has taken a backseat to more immediate financial concerns. About 42% of survey respondents said a lack of job security is the biggest issue they are facing, with only 28% of workers saying they feel very confident they will have a paying job for as long as they need it. Meanwhile, a whopping 62% -- nearly two-thirds -- of workers said their debt is a problem.
As a result, many workers barely have any savings, with about 60% of workers reporting total savings and investments of under $25,000 (excluding the value of their home and benefit plans). About 30% of these respondents said they have less than $1,000 in savings.
In addition, far fewer people are saving for retirement. The percentage of workers who said they were putting money away for retirement fell to 66% in 2012 from 75% in 2009. People earning less than $35,000 account for the majority of that decline -- most likely because they have either lost their jobs or are worried they may be out of work in the future, the report found.
"A lot of the people who have either lost their jobs or are worried about losing their jobs are trying to put a little money away for a rainy day and just don't have money to put into savings right now," said Jack VanDerhei, EBRI research director and co-author of the report.
Out of those who have started planning and saving, 67% say they are behind schedule. This is unchanged from 2011, but 12 percentage points higher than the 55% of workers who were behind schedule in 2005.
Medical costs are also a major concern, with only 13% of respondents reporting that they are very confident they will be able to afford medical expenses when they retire. Only 26% of workers are very confident that they will even have the money to pay for basic expenses.
While workers' lack of saving and confidence in their ability to retire comfortably is troubling, VanDerhei said it's good that people are becoming more realistic about their financial situations. In 2009, following the economic downturn, many workers clung to over inflated expectations about their retirement future.
However, instead of putting more money into savings, more people are opting to delay retirement, with 37% of respondents expecting to retire after age 65. That's up from only 11% in 1991.
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Retirement scare: 60% of workers have less than $25,000 saved
Retirement confidence remains at record low for workers
Posted: at 11:13 am
Concerns about job security and piles of debt have left American workers more pessimistic about retirement than ever.
Only 14% of workers feel "very confident" they will have enough money to live comfortably in retirement, while 38% of workers say they are "somewhat confident" and 23% say they are "not at all confident," according to a survey by the Employee Benefit Research Institute. The results have remained relatively unchanged since hitting an all-time low in 2009.
Many respondents said that saving for retirement has taken a backseat to more immediate financial concerns. About 42% of survey respondents said a lack of job security is the biggest issue they are facing, with only 28% of workers saying they feel very confident they will have a paying job for as long as they need it. Meanwhile, a whopping 62% -- nearly two-thirds -- of workers said their debt is a problem.
As a result, many workers barely have any savings, with about 60% of workers reporting total savings and investments of under $25,000 (excluding the value of their home and benefit plans). About 30% of these respondents said they have less than $1,000 in savings.
In addition, far fewer people are saving for retirement. The percentage of workers who said they were putting money away for retirement fell to 66% in 2012 from 75% in 2009. People earning less than $35,000 account for the majority of that decline -- most likely because they have either lost their jobs or are worried they may be out of work in the future, the report found.
Super young retirement savers
"A lot of the people who have either lost their jobs or are worried about losing their jobs are trying to put a little money away for a rainy day and just don't have money to put into savings right now," said Jack VanDerhei, EBRI research director and co-author of the report.
Out of those who have started planning and saving, 67% say they are behind schedule. This is unchanged from 2011, but 12 percentage points higher than the 55% of workers who were behind schedule in 2005.
Medical costs are also a major concern, with only 13% of respondents reporting that they are very confident they will be able to afford medical expenses when they retire. Only 26% of workers are very confident that they will even have the money to pay for basic expenses.
How I'm easing into retirement
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Retirement confidence remains at record low for workers
Baillieu defends govt after bad poll
Posted: at 11:12 am
Victorian Premier Ted Baillieu has defended the government's performance after his personal rating dived in the latest opinion poll.
Mr Baillieu's personal rating has slumped 11 points since October, according to the latest Newspoll published in The Australian newspaper on Monday.
Forty-one per cent of voters said they were satisfied with the premier's performance, compared to 52 per cent in October.
On a two-party preferred basis, 53 per cent of voters support the coalition compared with 47 per cent preferring Labor.
Mr Baillieu said the public understood the government had tough challenges ahead.
'We have got an agenda in front of us and the community know that,' he told reporters in Melbourne on Tuesday.
'These are tough times, we've got some challenges in front of us, we are getting on with the job.'
When pressed on whether he would change his own leadership style, Mr Baillieu replied: 'We are getting on with the job.'
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Baillieu defends govt after bad poll
WA the nation's hands-down success story
Posted: at 11:12 am
Conditions strengthened markedly in WA last month, despite the softening in mining activity. Source: PerthNow
The NAB survey showed that the gap between WA and the worst-performing sectors remains not far away from the biggest margin on record. Source: PerthNow
WA business conditions and confidence levels are bucking the national trend and are the highest in Australia - despite conditions weakening in the mining sector, according to NAB.
NABs monthly business survey, released today, revealed that WA remained the strongest state for overall business conditions and confidence in trend terms.
According to the survey, conditions across the country improved significantly in wholesale, and in transport and utilities in February, unwinding heavy falls in the previous month.
Surprisingly, conditions deteriorated modestly in mining and also in retail, the former lauded as the key driver of the national and state economies.
NAB chief economist Alan Olster provided insight and commentary on the survey results.
Conditions in the mining sector have been volatile, in line with recent gyrations in commodity prices, NAB said.
However, the survey also suggested that there are more indications that the expected surge in mining investment is on track, including the first ABS estimate of capital expectations for 2012-13.
Overall, business conditions were strongest in transport & utilities (+24), recreation & personal services (+19) and mining (+17), the survey stated.
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WA the nation's hands-down success story
Success was on the cards for business idea
Posted: at 11:12 am
The Irish Times - Tuesday, March 13, 2012
SUZANNE LYNCH
FUTURE PROOFING:A Roscommon company founded during the last recession has gone from strength to strength and is now one of the biggest employers in the county
LIKE MANY of the best business ideas, P&G cards had its genesis in a recession. Run by the Naughton family, and now one of the biggest employers in Co Roscommon, it was founded in the 1980s.
Founder Pauline Naughton was working as a nurse but, following cutbacks in the health service, she began helping out in a newsagents run by her sister. It was here that she spotted a business opening. I had always loved greeting cards, and could see they were a strong seller. I began to ask where these greeting cards came from and realised there was an opening for a wholesaler in Ireland, she says.
P&G cards was set up in 1988, from a small warehouse on the family farm in Athleague, with the help of a 2,000 loan from AIB. The company began importing cards from Britain and bought a van for distribution. One of its first contracts was with the local supermarket and the company was soon supplying 100 small shops along the western seaboard.
A major break was securing a listing with Musgraves in the early 1990s. Musgraves were the up-and-coming multiple in Ireland, says Pauline. Getting a contract was a huge boost for us. Following the contract, PG implemented a number of changes, including a computerised distribution system, and extended its existing facility at Athleague. The company also took on its first employee, a trainee from Fs, who still works there.
A business course with Roscommon Enterprise Board followed. I had come from a non-business background, and had no specific experience or training in business, so the course was hugely beneficial, explains Pauline.
The company also received business advice on scaling and soon signed a contract with BWG, the owners of Spar and Mace.
Over the ensuing years, Paulines two daughters, Aisling and Michelle, joined the business. Michelle, who has a degree in marketing and French, set about finding new business for PG, eventually securing a contract with Dunnes Stores, where PG is now the premium card supplier.
ARC Training Student Elaine Hickey studies with Arc Training on the move – Video
Posted: at 11:10 am
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ARC Training Student Elaine Hickey studies with Arc Training on the move - Video
ARC Training Student James O Sullivan works for IBM and talks about online education – Video
Posted: at 11:10 am
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ARC Training Student James O Sullivan works for IBM and talks about online education - Video
E-mini Trading Market Recap 03/12/12 – A Business With Trading – Video
Posted: at 11:10 am
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E-mini Trading Market Recap 03/12/12 - A Business With Trading - Video
Fed Day Trading Forecast – Video
Posted: at 11:10 am
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Fed Day Trading Forecast - Video