Benefit Costs, Retirement Rates Increase Worry

According to the Ameriprise Financial Group's most updated research study (The 2007 Ameriprise Workplace Financial Planning Benefit Decisions Study), falling trends regarding employee benefits, will soon be causing major financial worry for workers in the United States. This research only confirms that the financial worries of employees have been steadily rising since 2005.

According to Rusty Field, Vice President of Ameriprise Workplace Financial Planning, "The findings indicate that while most people recognize their future retirement needs, they are unable to find and apply strategies to meet those challenges to alleviate their financial stress level and increase their confidence. This can lead some to cut back on their retirement saving, impacting their future retirement security."

It also doesn't help that healthcare costs have also been rising steadily in the past few years. Workers in the United States just aren't making enough money to be able to afford all of the costs of living and save money for retirement as well. The workers more often have to reach out for the help of financial planners in order to make sound financial decisions in regards to future savings. Many people are left without significant savings for retirement due to being required to fund workplace benefits out of their own pockets.

The study also states that "less than one in five workers have a written, professionally prepared and paid-for financial plan. Those who lack a financial plan are more likely to cut back on their saving and investments in company-sponsored plans when confronted with increases in out-of-pocket benefit expenses."

It seems that the biggest step employees can take to be sure they save enough to be financially secure after retirement is to find a financial planner who is able to assist them with investment decisions and plan for unexpected healthcare costs and other unexpected costs.

For those who wish to read the complete survey results, you may request a copy by emailing ameriprisefinancialeducation@ampf.com or by calling 1-800-437-0600.