East Dallas Insurance Agent offers advice on retirement planning.

East Dallas Insurance Agent Sam Morris, Owner of Sam Morris Insurance and Financial Services Agency continues segment on Retirement Planning.

Workers Still Value Saving for Retirement and investing for the future.

Losing confidence in the market as they watch their account balances dwindle has not stopped workers from saving for retirement through employer-sponsored plans, but they admit they are not as informed about investing as they need to be.

A new study shows that most workers (91%) think that company-sponsored retirement plans, such as 401k, 403b, or other employer-sponsored plans, are valuable employee benefits and are continuing to invest in them, according to the 10th Annual Transamerica Retirement Survey.  Participation among workers in these plans is at 78%, and the median annual salary contribution is 7%.  Most workers are not tapping into their savings, according to the study conducted by the Transamerica Center for Retirement Services.  In the last year, only 6% reported taking a loan, and only 3% said they took a hardship withdrawal.

It’s encouraging that while so many Americans have endured such a difficult year, they have emerged still committed to saving for retirement and participating in their company sponsored retirement plans.   Although workers continue to value and participate in their employer-sponsored accounts, 57% are less confident in their ability to achieve a financially secure retirement then they were just 12 months ago, while 10% are very confident they will be able to fully retire with a comfortable lifestyle.  Also 29% now fill they will work longer and retire later than they did 12 months ago.  Only 38% of workers said they are building a large enough nest egg for retirement. 

If your employer does not offer a retirement plan, than this is where I can help you and your family plan for retirement.  At Sam Morris Insurance and Financial Services Agency we offer many solutions to help with your retirement needs.  We can help you reach your goal with a number of solutions.  We can help you with saving and investing, college savings, retirement funding, and life insurance/estate coverage planning.

Call me at 972-240-8075 for a free personal analysis of your needs.

East Dallas Insurance Agent Sam Morris has been providing long term care insurance, along with residential property coverage, auto insurance coverage, disability income coverage, and general liability coverage to clients in Garland and East Dallas since 2000. Sam is a veteran of the armed services and makes it his personal mission to make sure that you have the right coverage… not too much nor too little. Please call today for a personal consultation with Sam.