IRI, EBRI & National Retirement Savings Coalition Kick-Off Week Long Consumer Education Campaign

WASHINGTON, D.C. - The Insured Retirement Institute (IRI) today hosted a consumer retirement readiness webinar to kick-off the week long education and outreach activities in support of National Retirement Planning Week^® (NRPW). Conducted by Employee Benefits Research Institute (EBRI) President and CEO Dallas Salisbury, the webinar revealed that half of all workers (50%) cite low confidence in having enough money to live comfortably throughout their retirement years. In addition, while the majority of workers are saving money for retirement (68%), nearly half (46%) have less than $10,000 in savings and investments.

NRPW is held annually by IRI and sponsored by The National Retirement Planning Coalition - a group of prominent financial industry, education and advocacy organizations that have joined together to raise public awareness of the need for comprehensive retirement planning. National Retirement Planning Week^® 2011 runs from April 11-15.

"America is facing a retirement crisis, one that Boomers are realizing today and looms for generations to come," said IRI President and CEO Cathy Weatherford. "While the good news is that workers are saving, unfortunately, they are doing so at levels that will not sustain a financially secure retirement.  By bringing this coalition together - and offering financial education and information - we hope that we will be able to raise awareness around the critical need for Americans to plan holistically for retirement." 

Other key data points from EBRI include:

• Low confidence extends to health care as well, with half of all workers (50%) expressing little belief that they will have enough money to pay for medical expenses in retirement.
• Nearly half of all Boomers (47% for early Boomers and 44% for late Boomers) are "at risk" for inadequate retirement income.
• Generation X is also on pace to face retirement difficulties, with 45% determined "at risk" for inadequate retirement income.
• Only 42% of all workers have tried to calculate how much money they need to save for a comfortable retirement.

Click here to view the presentation from EBRI's consumer retirement readiness webinar.

The National Retirement Planning Coalition is headed by the IRI, and includes the American Council of Life Insurers (ACLI), Americans for Secure Retirement (ASR), Center for Retirement Research at Boston College, Defined Contribution Institutional Investment Association (DCIIA), Employee Benefit Research Institute (EBRI), Financial Services Forum, Financial Services Institute (FSI), Financial Services Roundtable (FSR), National Association of Fixed Annuities (NAFA), NICSA, Retirement Income Industry Association (RIIA), The American College, The Aspen Institute Initiative on Financial Security (Aspen IFS) and Women's Institute for a Secure Retirement (WISER).

The Coalition recognizes that the need to educate Americans on retirement planning is an ongoing effort and is committed to making this a national priority. The National Retirement Planning Week^® and other coalition activities will demonstrate that it is possible to "Retire On Your Terms" if comprehensive retirement plans are properly developed and managed. To support these education efforts, the coalition maintains a year-round website - www.retireonyourterms.org - offering resources to both consumers and financial professionals alike, in order to help them stay focused on long-term financial goals.

About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is a not-for-profit organization and is the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella. IRI's mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and to advocate before public policy makers on critical issues affecting insured retirement strategies. Visit www.IRIonline.org to experience the new, vast resources of the new Insured Retirement Institute for yourself.               

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