Data & Research March 27, 2012

More Gen Xers Saving for Retirement

More Gen Xers reported they started saving for retirement between the ages of 25 and 34.  
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According to Scottrade Inc.’s sixth annual American Retirement Study, 51% reported starting their retirement savings in this age range, compared with 39% last year. In comparison, just 30% of Baby Boomers and 21% of Seniors started saving for retirement at 25 to 34 years of age.

The study also found the percentage of Gen Xers who reported having less than $25,000 saved for retirement continued its downward trend (53% in 2010, 45% in 2011 and 44% in 2012), while the number reporting retirement savings of $25,001 to $100,000 maintained upward momentum. In 2012, 20% said they have between $25,001 and $100,000 saved, compared with 17% in 2011 and 14% in 2010.

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To aid their retirement savings goals, more Gen Xers hold a tax-deferred account today than a year ago and the majority (71%) reported saving some portion of their 2011 income for retirement. Even more (85%) plan to save some portion of this year’s earnings for retirement.

“With a retirement horizon spanning into the 2050s, Gen Xers have decades of income-earning years ahead of them,” said Derrick Brooks, Scottrade’s director of online investor solutions. “They are recognizing the need to save now and seizing the opportunity.”

The survey was commissioned by Scottrade and conducted online by Synovate with a nationally representative sample of 1,000 respondents from January 5 to 9, 2012.

Products March 26, 2012

MassMutual Launches Redesigned Website

MassMutual’s Retirement Services Division rebuilt its intermediary website, www.massmutual.com/edge.
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Based on extensive testing with active retirement plan advisers, the design of the new MassMutual Edge site features:

  • Book of business data and analytics, as well as full compensation reporting;
  • Streamlined navigation and an enhanced design;
  • Industry insight and value-added intellectual capital such as webcasts, whitepapers, sales collateral and interactive demonstrations; and
  • Customizable tools designed to help advisers develop their own brand and tailor their message.

“The Edge has truly been rebuilt from the ground up to give retirement plan advisers a more relevant online experience and to help them more effectively manage their business with MassMutual Retirement Services,” says Hugh O’Toole, senior vice president of sales and client management for MassMutual’s Retirement Services Division. “On average, busy advisers spend five hours per day online, so we engaged active advisers throughout the redesign process to ensure that the time spent on The Edge site is both rewarding and productive.”

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A demonstration of The Edge’s new features is publicly accessible on the site’s home page at www.massmutual.com/edge or directly by visiting http://bit.ly/massmutualedgedemo.

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