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Wednesday, May 23, 2012

DEPARTMENT OF LABOR OFFICIAL SAYS FEW PEOPLE HAVE SAVED ENOUGH FOR RETIREMENT


FROM:  U.S. DEPARTMENT OF LABOR



Before It's Too Late: A Retirement Security Update From Assistant Secretary Phyllis C. Borzi

Hello! I'm Phyllis Borzi, Assistant Secretary for the Employee Benefits Security Administration at the Department of Labor.

The alarming truth is that too few of us have saved enough for our retirement. Millions of baby boomers are or will be retiring at the same time we see historically low levels of confidence that we will have enough money to retire comfortably. A recent Employee Benefit Research Institute survey reports that only 14% of Americans are very confident they will have enough money to live comfortably in retirement, and 60% of workers report they have less than $25,000 in savings and investments. We must protect the savings Americans have, even as we work to increase the number of us who are saving and how much is being saved. 

Welcome to my new biweekly email. I know you already get a lot of email so mine will be short — a way to share tools and resources available from my agency and other reputable noncommercial organizations whose missions are to educate Americans about the importance of saving for a secure retirement and how to get there.

In short, this is about what you need to know before it's too late. You can expect to receive educational materials about retirement plans, notices about public events, and updates about policies that protect your retirement savings.

I hope you will find this useful and will want to share it with family members, friends, coworkers, and others. The more people we can reach with information about retirement savings, the more likely we will see increased numbers of Americans better prepared for when they leave the workforce.

Thank you! I know many of you are already actively engaged in this important effort and I'm proud to be working with you to increase and safeguard America's retirement savings.