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National Association of Counties
Washington, D.C.

www.NACo.org

 
Are County Employees Financially Prepared for Retirement?

Given the scars of the recent recession evident almost everywhere in the nation’s communities, the headline question practically answers itself. But in March 2012, the Employee Benefit Research Institute put the evidence in sharp relief:

“Nearly two-thirds of workers think they need at least $250,000 (from sources other than defined benefit plans and selling their residence) to live comfortably in retirement, yet nearly 60 percent have less than $25,000 in total savings and investments. Twenty-three percent of workers say they are not at all confident about having enough money to live comfortably in retirement.”

The good news is… there is good news. Over the 12-month period ending March 31, consumer spending has reflected Americans’ confidence in the economy — both spending and the economy have been trending upward. The Dow Jones Industrial Average, while enduring spates of volatility, continued marching upward.

With other concerns diminished, county employees may be ready to reconsider their financial preparations for retirement. Counties that sponsor the NACo Deferred Compensation Program have an opportunity to help workers restore confidence in their ability to get ready for retirement — even if that retirement is a few short years away.

Where to Start

Nationwide recently launched an enhanced website for participants of the NACo Deferred Compensation Program. NRSforu.com offers a robust Learning Center, with plenty of information about financial terms, investing, risk and retirement plans.

In addition, county workers are encouraged to attend onsite workshops and request one-on-one consultations with local Nationwide retirement specialists. These plan representatives receive ongoing training so that they’re prepared to support the NACo program with quality investment education.

Investing involves market risk, including possible loss of principal. Nationwide Retirement Specialists can help county workers understand market risk and strategies that may help them deal with it. However, Nationwide representatives do not offer investment, tax or legal advice. Workers should consult their own advisors before making any decisions. A qualified financial professional can help investors take a look at their whole financial picture and develop a plan that encompasses all their resources and needs.

See the Big Picture

Nationwide offers NACo members access to a financial professional through its Participant Solutions Center (PSC). Its licensed representatives:

  • know the NACo program options inside and out
  • offer options for outside of program, and
  • deliver one-on-one guidance.

PSC representatives take a look at the big picture — not only for county employees, but also for their spouses and family members.

Not all counties have established a relationship with Nationwide’s Participant Solutions Center. For more about this service, call the Plan Sponsor Support Center at 877.496.1630.

For additional information about the NACo Deferred Compensation Program, contact Lisa Cole by email at lcole@naco.org or phone at 202.942.4270.

If you’d like more information about preparing financially for retirement through participation in the NACo Deferred Compensation Program, contact your local Nationwide Retirement Specialist, or call 877.677.3678.

 

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