November 12, 2008
Securian’s Annual 401(K) Checkup Helps Employees Keep Pace With Retirement Savings Goals
ST. PAUL, Minn., Nov. 12 /PRNewswire/ -- When we get serious about saving for retirement, we do some quick calculations and come up with The Number -- the amount we think we need to save to provide enough income to last throughout retirement. As time goes by, that number may fluctuate and it becomes difficult to know whether retirement savings are on track.
People enrolled in Securian Retirement 401(k) plans can track their savings progress on their plan statements. Once a year, in clear language with simple graphics, the Annual Checkup provides retirement plan participants with an estimate of how close their current savings rate will bring them to The Number.
"It's like a road map for retirement," said Jo Dahlen, director, Retirement Marketing. "The Annual Checkup gives employees an idea of where they are with their retirement savings and helps them decide whether to make changes to their current allocation strategy."
In addition to showing the retirement savings gap (if there is one), the Securian Annual 401(k) Checkup also calculates the gap in monthly retirement income: It compares the estimated monthly income needed after retirement with the estimated monthly income generated by current savings at a hypothetical rate of return.
In addition, the Annual Checkup offers tips for building retirement plan savings (including postponing retirement) and directs employees to a calculator where they can further refine their retirement savings goals.
"None of us can predict the future, and it's difficult to know exactly how much we will need for a financially secure retirement," said Dahlen. "But, like a compass that points us in the right direction, Securian's Annual 401(k) Checkup will show retirement plan participants how to keep their savings on track."
The Securian Annual 401(k) Checkup is a value-added feature available on all full-service Securian Retirement plans at no additional cost.
Securian Retirement, a unit of Securian Financial Group has more than 70 years in the retirement market and serves more than 3,200 retirement plans with $10 billion in assets as of June 30, 2008. Annuities and retirement plans are underwritten by Minnesota Life Insurance Co., one of the most highly-rated life insurers in America.
Securian Financial Group
CONTACT: Maggie Jensen, APR, of Securian Financial Group,+1-651-665-7558
Web site: http://www.securian.com/http://www.securianretirementcenter.com/http://www.minnesotalife.com/http://www.securian.com/About/financials.asp