Prudential Retirement has joined the annual America Saves Week campaign to encourage more Americans to make a commitment to increase savings over their lifetime with the goal of generating adequate income in retirement. Prudential Retirement is a business unit of Prudential Financial Inc. (NYSE: PRU).
America Saves Week, established in 2007, is an annual week-long event coordinated by the America Savings Education Council and the Consumer Federation of America during which more than 2,000 organizations across the U.S. work together to promote good savings behavior.
“Retirement may be right around the corner or a far off thought, depending on where you are in life,” said George Castineiras, Prudential Retirement’s senior vice president of Total Retirement Solutions. “But no matter if you plan to retire in five years or 30 years, now is the time to take action and increase your savings in order to generate lifetime income in retirement.”
According to the Center for Retirement Research at Boston College’s National Retirement Risk Index, retirement security is uncertain and workers at risk of being unable to maintain their pre-retirement standard of living once they retire has risen over 9 percent in the past ten years from 44 percent to 53 percent.
“Prudential Retirement is focused on helping Americans manage the risk of outliving their savings in retirement,” added Castineiras. “Prudential Retirement is supporting the Week by urging individuals to take a small step toward saving for retirement. Incremental savings can make a difference in the long term.”
To help Americans build savings and improve their individual retirement security prospects, Prudential Retirement is working with plan sponsors and advisors to provide relevant interactive educational tools to help Americans increase and better manage savings, reduce debt and make retirement planning a priority.
“Americans are living much longer, struggling with income challenges and as a result, are not prepared for retirement,” added Castineiras.