Savings2Income Releases a Statement in Response to How People Compare Retirement Savings to Their Peers

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Following an article published by Fox Business about how people compete with their peers when it comes to saving for retirement, Savings2Income offers their advice.

On January 9, 2013, Savings2Income releases a statement following a Fox Business article by Donna Fuscaldo regarding how people compare their retirement savings to their peers.

According to the Fox Business article published on December 21st entitled “How Does Your Retirement Savings Stack Up to Your Neighbors?”, “A new survey from ING Retirement Research Institute shows people also would increase their retirement savings to compete with their peers’ savings.”

The article states that the survey questioned U.S. consumers and more than half of them said they would increase their retirement savings to keep up with their peers. According to Patrick Kennedy, head of marketing and advice services for ING U.S. Retirement, “We live in a world where we buy services through Amazon.com and look at the opinions of our peers. People are driven by peer comparisons.”

Fox Business mentions that according to the survey even after retirement, people still showed interest in what their peers were up to. According to the article, 19% stated that “they want to keep up with others when it comes to the quality of their life and their financial independence.”

Jerry Golden, developer of Savings2Income, comments on the article with his thoughts on why people compete with their peers when it comes to retirement savings. Looking toward your peers in selecting a restaurant or a plumber may be worthwhile. However comparing savings numbers may be both misleading and disheartening.

“In planning for retirement, it’s not only about the amount of retirement savings you have but whether you can support your lifestyle in retirement with enough spendable income – that lasts a lifetime. I may have fewer “savings” than my neighbors but with a smart plan for retirement income, and a combination of life insurance and the value of my home designated for wealth transfer I feel better off.

An innovative retirement planning method called Savings2Income (S2I) created by Jerry Golden seeks to provide a clear path to retirement security for those saving for retirement, soon to retire, and recently retired. S2I incorporates Rollover IRA savings, personal retirement savings held outside an IRA or 401(k) plan and Social Security into an integrated solution.

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Chris Spring

John Mulqueen
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