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Gates-Cole Insurance

Gates-Cole Insurance is an independent insurance agency with 10 locations in NY representing over 45 regional and national insurance companies. Our team of professionals has in-depth knowledge and experience in Auto Insurance NY, Home Insurance NY, Business Insurance NY, Boat Insurance NY, Motocycle Insurance NY and all other areas of insurance. We have a genuine interest in finding the right solutions for you. We would like to become part of your insurance program, and participate in the planned growth of your future.

Workers Face Financial Retirement 'Reality Check'

Shawna Kreis Shawna Kreis , 1/20/2016
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1Workers, shaken by the woes impacting the economy, have adjusted their visions of retirement according to a recent nationwide study.

The 13th Annual Transamerica Retirement Survey, based on responses from 3,600 American workers, found that the majority of respondents (56%) plan to work past age 65 and to continue working after they retire, (54%) despite workers' demonstrated commitment to saving, fewer than two in five (39%) believe that they're building a secure nest egg - thus reinforcing the need to redefine "retirement readiness" in a way that reflects financial reality.

According to the survey, although more than half of workers polled (57%) have a retirement strategy, only 12% have put their plan on paper. Of those with any form of strategy, fewer than one in six (15%) have factored in contingency plans for retiring sooner than expected and/or a shortfall in savings. What's more when, asked how they estimated their savings needs for retirement, nearly half of respondents (47%) admitted to guessing.

Many workers (44%) expect to rely on savings from 401(k) or similar plans as their primary source of retirement income An overwhelming 90% cited an employee self-funded plan as important; more than half (53%) would be likely to leave their current employer for a similar job that provided better retirement benefits.

More than three in five respondents (62%) wanted information and guidance about retirement planning from their company. When asked what would motivate them to learn more about saving for retirement a majority (52%) cited a good starting point or educational materials that are "easier to understand."

We'd be happy to help you provide your employees with effective financial planning guidelines for their retirement - just give us a call.