|Targeted News Service|
A new report released today by the
The report – the 2014
"Public servants should be able to devote their full attention to the important work that they do for our communities," said
"Fewer local and state governments offer retiree health care and public employers also are shifting more health costs to employees and retirees," said
Highlights from the report include the following:
* Virtually all full-time state and local workers are covered by some form of retirement plan offered by their employer, but only 39 percent are very confident that they will receive all of the benefits that they have earned in retirement.
* In comparison to 2012, when 72 percent of respondents expected to work for pay after retiring, the figure has dropped to 49 percent in 2014.
* While 2014 confidence levels in overall retirement income prospects are generally consistent with 2012 (18 percent are very confident and 56 percent somewhat confident), there was a decrease in the proportion of public-sector employees who are either very confident or not at all confident. This year's survey also revealed a 7 percentage-point shift of K-12 teachers from very confident to somewhat confident about their retirement income prospects.
* Public-sector workers are concerned about federal retirement income security programs. Only 7 percent of state and local government employees are very confident that the
* In 2012, 51 percent of retirement savers in the public-sector workforce said they received retirement planning advice from a professional financial advisor within the past three years. In 2014, only 38 percent reported receiving advice. But this year's report suggests more individuals are following all the investment advice they receive. For example, 24 percent reported following all the investment advice received in 2014 vs. 18 percent in 2012.
A summary of the research and full survey results can be downloaded here. (https://www.tiaa-crefinstitute.org/public/institute/research/2014_retirement_confidence_survey.html)
About the Study
To examine retirement planning and saving among full-time state and local government employees and their confidence about their retirement income prospects,
[Category: Financial Services]
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