Labor Department Unveils Resource to Help Americans Plan for Retirement

Archived News Release — Caution: Information may be out of date.

Washington, DC - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today released a new resource to help Americans calculate the financial resources they will need to ensure a secure retirement.

The publication, “Taking the Mystery Out of Retirement Planning,” is designed to assist individuals who are within 10 years of retirement calculate their income, savings and likely expenses in retirement. Using these figures, Americans will have a better idea of how much they need to save to ensure they do not outspend their retirement assets.

“Americans are living longer, healthier lives and will need more income to see them through their retirement. Making the right choices is critical to living a lifestyle of financial independence, and this booklet will help individuals realistically plan for their financial future,” said Ann L. Combs, assistant secretary for employee benefits security.

Although targeted to individuals approaching retirement, the booklet is also useful for recent retirees. The publication includes worksheets that allow the user to evaluate current assets and expenses; project future assets and expenses, and determine what additional resources are needed to meet their retirement lifestyle. There also are discussions on methods of saving, investment options, expense considerations and how to make your assets last throughout retirement. An extensive resource section provides other sources of information on retirement, savings and investment issues.

The primary focus of the booklet, preparing financially for retirement, will be a key topic at the March 1-2, 2006 National Summit on Retirement Savings in Washington, D.C. The summit agenda will include discussions of strategies workers can use to ensure they have sufficient assets to cover the years spent in retirement.

Free copies of the booklet are available by calling EBSA’s toll-free number at 1.866.444.EBSA (3272) and visiting the agency’s Web site at www.dol.gov/ebsa (under publications). The public can also get the booklet from the Federal Citizens Information Center at 1.888.878.3256.

Media who plan to attend the Summit should complete the online registration form at www.saversummit.dol.gov, or fax the form to the department by February 23, 2006.  Username: Media; Password: Summit.

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202.693.7765 or TTY 202.693.7755. The U.S. Department of Labor is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.

Archived News Release — Caution: Information may be out of date.

Contact Name: Peter Hong/Gloria Della
Phone Number: 202.693.4676/202.693.8664