Magazine article HRMagazine

Briefs: Benefits

Magazine article HRMagazine

Briefs: Benefits

Article excerpt

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FAMILY NEEDS CURTAIL RETIREMENT PROSPECTS

Three out of five Americans age 50 and older have provided financial assistance to family members-$15,000, on average-but Baby Boomers also need to keep in mind their own need to save for retirement. A Merrill Lynch survey of 5,400 respondents unearthed the following findings about people age 50 and older:

* 88 percent have not factored financial support for family into their retirement planning.

* More than two-thirds of parents have provided some form of financial support to their adult children during the past five years.

* Less than one-quarter would feel prepared if their spouse died.

* Fewer than one in four say they would be prepared financially if they or their spouse were forced to retire early because of a health problem.

JOB CHANGERS HOLD ON TO RETIREMENT SAVINGS

When workers change jobs, an increasing number appear to be leaving their retirement savings intact, according to new research by the nonprofit Employee Benefit Research Institute (EBRI).

Using recently released U.S. Census Bureau data, EBRI analyzed how workers take lump-sum distributions from their 401(k) or other defined contribution retirement plans when they change jobs. …

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