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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
Employees are adjusting their expectations of retirement, with a majority intending to work past age 65, according to the 13th Annual Transamerica Retirement Survey released by the non-profit Transamerica Center for Retirement Studies. The survey was conducted online within the United States by Harris Interactive on behalf of Transamerica Center for Retirement Studies between January 13-31, 2012 among a nationally representative sample of 3,609 full-time and part-time employees.
According to the survey, a majority of workers (56%) plan to work past age 65 and a slightly smaller majority (54%) plan to continue working after they retire. Fewer than four in ten (39%) believe they are building a sufficient nest egg, the survey found.
Retirement strategy
More than half (57%) of the employees surveyed have a retirement strategy, including 12% who have a written plan and 45% who have a plan that is not written.
Of those with any form of strategy, only 15% have factored in contingency plans for retiring sooner than expected and/or savings shortfalls, the survey found. Many still leave their future retirement up to guesswork. When asked how they estimated their savings needs for retirement, 47% admitted to guessing.
A large majority (84%) prefers a "do-it-yourself" decisionmaking style regarding saving and investing for retirement, including nearly half (49%) of workers who seek advice but make their own final decisions and 35% who do their own research and make their own decisions. Despite these decisionmaking styles, most workers (70%) agree that they do not know as much as they should about retirement investing.
Role of the family
More than one-third (34%) of survey respondents cited "friends and family" as a source of information about retirement. Nearly one in three (29%) expect to financially support family members other than spouses or partners, after they retire, while 13% expect to receive financial support from family in retirement. In contrast, only 10% discuss retirement planning frequently with family and friends and more than one-quarter (27%) never discuss retirement at all.
Employer guidance
The survey found that 44% of employees expect to rely on savings from 401(k) or similar retirement plans as their primary source of income when they retire. An overwhelming 90% of respondents cited an employee self-funded plan as important, and more than half (53%) of respondents would be likely to leave their current employer for a nearly identical job with a similar employer for better retirement benefits.
A majority of employees surveyed (62%) desire information and guidance about retirement planning from their company. When asked what could motivate them to learn more about saving for retirement, most respondents (52%) cited a good starting point or educational materials that are "easier to understand."
Source: Transamerica Center for Retirement Studies, news release, May 16, 2012.
For more information, visit http://www.wolterskluwerlb.com/rbcs.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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