New Consumer-Education Campaign Announced at National Retirement Planning Week® Event
By Cathy Weatherford
Insured Retirement Institute (IRI)
Washington, D.C. – April 12, 2013 - The Insured Retirement Institute (IRI) and the National Retirement Planning Coalition announced a new six-month national campaign to increase consumer understanding of important retirement planning concepts. Based on monthly themes, the campaign is designed to build off of National Retirement Planning Week® and promote comprehensive retirement planning through enhanced consumer education.
“Too many Americans are woefully unprepared and lack the savings to enjoy a financially secure retirement,” said Cathy Weatherford, IRI President and CEO. “Financial security in retirement is attainable, but to achieve it requires planning and saving. Education will be the key to get Americans back on track. Through this campaign, it is our goal to help them understand important retirement planning concepts in order to focus on their long-term financial needs and chart a course toward a financially secure retirement.”
The six-month national campaign will include activities and deliverables — available at www.retireonyourterms.org — focused on various aspects of retirement planning, including Social Security, budgeting, and managing assets. The campaign was announced during a partners’ meeting of the American Savings Education Council held as part of National Retirement Planning Week® 2013, a national effort to promote retirement planning.
During the meeting, newly released results from the Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI) and Mathew Greenwald & Associates were presented. The survey found that:
- The percentage of workers confident about having enough money for a comfortable retirement remains near record-low levels.
- About four in 10 workers believe they need to save 20 percent or more of their income to comfortably retire.
- Those using an online calculator or working with a financial advisor appear to set more adequate savings targets, as measured by the probability of not running short of money in retirement. Those who “guessed” at a retirement savings target were less likely to choose an adequate target.
About National Retirement Planning Week® 2013: National Retirement Planning Week® 2013 will take place from April 8 to 12. National Retirement Planning Week® and other coalition activities 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 has collected the latest resources to help consumers and financial professionals focus on long-term financial goals. These tools are available year-round at the newly redesigned and enhanced website: www.retireonyourterms.org.
About the National Retirement Planning Coalition: The National Retirement Planning 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 coalition is led by the Insured Retirement Institute (IRI), and its partners include: America Saves; American Benefits Council; American Council of Life Insurers (ACLI); American Institute of Certified Public Accountants; American Savings Education Council (ASEC); Americans for Secure Retirement (ASR); Association for Financial Counseling, Planning, Education; Center for Retirement Research at Boston College; CFA Institute; Defined Contribution Institutional Investment Association (DCIIA); Employee Benefit Research Institute (EBRI); Federal Citizen Information Center (FCIC) of the U.S. General Services Administration; Financial Services Institute (FSI); Financial Services Roundtable (FSR); Financial Industry Regulatory Authority (FINRA) Investor Education Foundation; Jump$tart Coalition; National Association for Fixed Annuities (NAFA); National Endowment for Financial Education; NICSA; The American College; The Aspen Institute; Women's Institute for a Secure Retirement (WISER); and WorldatWork.
About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is a not-for-profit organization that for twenty years has been a mainstay of service, commitment and collaboration within the insured retirement industry. Today, IRI is considered to be the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI proudly leads a national consumer education coalition of nearly twenty organizations and is the only association that represents the entire supply chain of insured retirement strategies: Our members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. 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 advocate before public policy makers on critical issues affecting insured retirement strategies and the consumers that rely on their guarantees. Visit www.IRIonline.org today to experience the vast resources of the Insured Retirement Institute for yourself.