Retirement Savings the Activity of a Lifetime
Washington, D.C. (April 24, 2013) - Saving adequately for retirement is one of the most important financial objectives for working Americans. Workers who are diligent about saving for retirement are more likely to maintain their standard of living in retirement. Retirement savings is literally the activity of a lifetime.
There is no better way to save for retirement than through a workplace retirement plan. Workplace retirement plans can provide employees with numerous convenience features, including payroll deduction, a menu of investment options, and tax deferral. Saving through the workplace can also reduce an employee’s taxable income. Moreover, many employers assist the retirement security of their employees by matching a portion of retirement plan contributions.
At the same time, certain types of workplace retirement plans, such as 401(k)s, are well suited for today’s mobile workforce. Workers are able to continue accumulating retirement savings even if they change jobs several times. They need not fear losing their pensions if they leave their current employer.
We hope the Frontline program will encourage workers to rededicate themselves to saving for retirement. Regarding, the Frontline program, ACLI makes the following points:
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.