March 17, 2008
What's in a number?
A new survey from ING shows that numbers are important in a person's life - with birthdays, social security numbers, anniversaries and phone numbers to recall, but only 5 percent of the 1,000 surveyed consider a financial number, like their retirement savings, as among those more important to them.
"It's ironic that birthdays top the list of most important numbers," said Kathleen Murphy, CEO of U.S. Wealth Management for ING. "As people live longer and celebrate more birthdays, they also face a greater risk of outliving their retirement savings."
About 42 percent of those surveyed said they don't like thinking about their retirement number, and 39 percent think it's boring to do so.
Fortunately, the majority fight through the boredom to at least ponder their retirement predicament. The survey also showed that 67 percent said they think at least sometimes about how much they need to save and invest for retirement. But 49 percent said they don't know how to begin calculating that number.
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