A new poll finds that plan sponsors may want to remind members of the importance of planning for retirement.
A poll from CIBC has found that only 7% of respondents say planning for retirement is a financial priority for them in 2013. This is down from 11% in 2012 and 13% in 2011. The top priority this year is paying down debt for most respondents, including those in the age groups where retirement planning was traditionally a top priority.
In 2011, 24% of respondents ages 45 to 64 named retirement planning as their top financial priority, which fell to just 12% in 2013. At the same time, debt management increased as a priority to 18% this year from 14% in 2011 for this age group.
“While it is important to address immediate financial needs such as debt reduction, it is equally important to keep long-term goals such as retirement in sight,” says Christina Kramer, executive vice-president of retail distribution and channel strategy with CIBC. “Even small contributions today can make it easier in future years to reach your retirement savings goals.”