Data & Research March 17, 2011

Only 5% Plan to Put Tax Refund toward Retirement

A survey from Capital One Bank found that more than one-third (37%) of Americans plan to spend all or part of this year’s refund.
Reported by

Some of the ways consumers plan to spend their refunds are on everyday expenses (23%), clothing and accessories (11%), a vacation (6%), or an iPad, TV or other electronics (4%). Five percent plan to save their refund for retirement, and 5% plan to set the money aside for their childrens’ college education.   

Of consumers polled, 31% plan to save at least part of their tax refund, and another 19% plan to use their refunds to pay down debt.   

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For those consumers who will owe taxes this year, about one-third (34%) report that they will need to dip into their personal savings to cover the cost. About the same percentage (35%) have set aside savings specifically for taxes, and about one-fifth of those who owe taxes (21%) are unsure how they will pay their taxes this year.   

The findings are from 1,037 telephone surveys conducted by Braun Research from March 3-9, 2011.
Deals & People March 17, 2011

The Hartford Expands Two VP Roles

The adjustments are in line with The Hartford's newest strategies: increasing its share of government and tax-exempt retirement plans and enhancing participant education.
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Donald MacQuattie, vice president of health, education, and tax-exempt (HETE) retirement plans, is responsible for government retirement plan sales and retention as well.  He is charged with expanding these businesses by creating new products, establishing best-in-class service, and driving technology enhancements.  

Scott Sanderson, vice president of education and retention, is spearheading The Hartford’s efforts to educate retirement plan participants and retain 401(k) plans.  He is responsible for helping the Retirement Plans Group’s team of educational specialists increase participation in 401(k), 457, and 403(b) retirement plans and guiding a team of corporate plan retention specialists to meet the evolving needs of existing retirement plan sponsors.  

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Both MacQuattie and Sanderson report to Sharon Ritchey, executive vice president of RPG.

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