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People Lack Confidence in Having Enough Money to Live Comfortably During Retirement According to a U.S. Bancorp Investments Survey

Majority of retirement savers grappling with challenges to be fully prepared for retirement

MINNEAPOLIS--(BUSINESS WIRE)--Mar. 5, 2015-- More than half of retirement savers surveyed are not confident or are unsure whether they will have enough money to live comfortably throughout retirement according to a survey by U.S. Bancorp Investments. As part of the recent launch of RealSteps>Retirement® (www.usbank.com/retirement), U.S. Bancorp Investments surveyed 3,406 people online regarding their retirement preparedness.

Some of the survey’s additional findings include:

  • 70% of respondents with less than $100,000 in investable assets reported that they were not confident or unsure they would have enough money to live comfortably through retirement.
  • Only 6% of respondents with less than $100,000 in investable assets reported being confident they will have enough money to live comfortably throughout retirement.
  • 33% of respondents with less than $100,000 in investable assets and 17% of respondents with more than $100,000 in investable assets said that they were unsure they would have enough money to live comfortably throughout retirement.
  • Among respondents with more than $100,000, 48% reported moderate confidence that they would have enough money to live comfortably throughout retirement, while 24% of respondents with less than $100,000 in investable assets expressed moderate confidence.

“Because we can’t predict what lies ahead, holistic retirement planning allows people to prepare for the unknown and navigate through challenges to retiring comfortably with more confidence,” said Bill Benjamin, president and CEO of U.S. Bancorp Investments. “Educational tools combined with financial advice can make a significant difference in your retirement plan and provide you with clear answers about the steps you need to take to be able to retire comfortably.”

There are immediate steps that those saving for retirement can take:

  • Get started—even if it means putting aside $25 each week. It’s important to remember that it’s never too early or too late to plan for retirement.
  • Don’t leave money on the table—Make sure that you are participating in your company’s retirement plan, particularly if your employer matches your contribution. According to a January 2014 survey by the Government Accountability Office, only 5% of savings-plan participants contribute the maximum amount allowed annually (currently $18,000).
  • Seek advice—An advisor can help you make informed decisions on how to achieve your goals and provide clarity at all stages of retirement saving.

U.S. Bank and U.S. Bancorp Investments recently launched RealSteps>Retirement®, a comprehensive planning process that provides tools, resources and expertise to help individuals, families and business owners move closer to their retirement goals. To learn more about RealSteps>Retirement, please visit www.usbank.com/retirement or call 800-871-6250.

The survey
U.S. Bancorp Investments’ retirement preparedness survey is based on a nationally representative sample of 3,406 individuals, which were primarily U.S. Bank customers. The anonymous survey was conducted online between October 4 and December 17, 2014.

About U.S. Bank Wealth Management
U.S. Bank Wealth Management offers comprehensive wealth management services, including wealth planning, investment management, trust and estate services, and private banking, for individuals, families, and their foundations through three distinct service models. Ascent Private Capital Management (ascent.usbank.com) serves clients with $50 million or more in net worth; The Private Client Reserve (reserve.usbank.com) serves clients with $3 million or more in net worth; and The Private Client Group serves affluent clients with more than $100,000 of investable assets.

About U.S. Bancorp
Minneapolis-based U.S. Bancorp (NYSE: USB), with $403 billion in assets as of December 31, 2014, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,176 banking offices in 25 states and 5,022 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

About U.S. Bancorp Investments
For U.S. Bancorp Investments: U.S. Bancorp Investments, an affiliate of U.S. Bank, provides financial planning, investment management, full-service brokerage, self-directed brokerage, and insurance products and services to individual investors. Financial Advisors serve clients with more than $100,000 in investable assets at more than 3,000 U.S. Bank branches in 25 states. For more information, visit usbank.com.

For U.S. Bank: Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S. Bank are subject to normal credit approval. U.S. Bank is not responsible for and does not guarantee the products services or performance of U.S. Bancorp Investments.

Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S. Bank National Association and subject to normal credit approval.

Investment products are:

             
Not a Deposit     Not FDIC Insured     Not Guaranteed by the Bank
May Lose Value     Not Insured by Any Federal Government Agency
       

U.S. Bancorp Investments and U.S. Bank are not affiliated with the companies or organizations mentioned above. U.S. Bancorp and its representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.

U.S. Bancorp is not affiliated with the companies or organizations mentioned above. U.S. Bank is not responsible for and does not guarantee the products, services or performance of third-parties.

Source: U.S. Bancorp

U.S. Bancorp
Michael Walsh
Senior Manager, Public Relations
612-303-9122
Michael.Walsh@usbank.com
or
Robin Francis
Senior Manager, Public Relations
651-466-7187
Robin.Francis@usbank.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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