Washington, D.C., April 05, 2023 (GLOBE NEWSWIRE) -- During Financial Literacy Month, MissionSquare Retirement reiterates its dedication to ensuring the economic security and financial confidence of the public service workforce. This commitment is increasingly important given that public service employees face higher hurdles when it comes to financial security thanks to inflation, economic volatility, and rising costs in retirement.
In fact, groundbreaking new research from MissionSquare Research Institute finds many public service employees face financial struggles, and 84% say current economic conditions and market volatility make them feel anxious about their personal financial security. The report also finds 14% of all households employed in the public sector indicated they could not pay all their bills, and close to one-fifth reported skipping healthcare because they could not afford it. Additionally, nearly one in three public employee households would have trouble coming up with $400 in an emergency. But the research also finds state and local employers are well-positioned to strengthen the financial security of the public workforce via key benefit offerings.
Throughout April, MissionSquare Retirement will provide webinars, tools, and support to retirement plan employers and participants to help bolster their financial education and confidence. The company’s financial education initiatives also include one-on-one consultations with Certified Financial Planner Professionals and an “Am I on Track Interactive Tool” with personalized savings rates, investment allocations, and retirement income results.
Learn more about the company’s Financial Literacy Month programs and offerings.
“The financial security of the public service workforce is a growing concern across the nation, with nearly half of U.S. households at risk of not having enough to maintain their living standards in retirement. It is imperative to strengthen public service employees’ financial confidence so they save enough for their economic security today and into their retirement years,” said Lynne Ford, CEO and President of MissionSquare Retirement.
“Financial decisions made today will drive an employee’s financial security in retirement. For most workers, retirement savings decisions are the last thing on their mind, but their decisions are deeply consequential. MissionSquare Retirement remains fully committed to helping public service workers not only understand their retirement savings options, but also guiding employees on a path that will deliver economic security after a lifetime in public service. Afterall, these are the workers who are there around the clock to deliver essential public services. So, we need to be there for these employees in terms of delivering education, advice, and programs to help strengthen their financial knowledge,” Ford said.
Financial Literacy Month offers an opportunity for workers to re-focus on financial education, savings. and seek advice on their road to retirement. The research is clear that public service employees are wise to supplement their pensions with defined contribution savings accounts like 403(b) and 457(b) plans given rising retirement costs. In fact, retirement experts calculate that state and local employees with a typical pension plan need to save an additional four to six percent of their salary on top of their pension to ensure adequate retirement income. Most public service employees have access to these savings plans, but many are not fully utilizing supplemental saving accounts. Financial literacy programs can help change that trend.
About MissionSquare Retirement
MissionSquare Retirement is dedicated to guiding those who serve our communities toward a secure and confident financial future. Founded in 1972, MissionSquare Retirement is a financial services company with approximately $67.5 billion in assets under management and administration.* The company has helped more than three million people working in public service retire confidently, and is focused on delivering retirement plans, investment options, and personalized guidance exclusively to the public service sector.
For more information, visit www.missionsq.org or follow the company on Facebook, LinkedIn, and Twitter.
*As of February 28, 2023. Includes 457, 401, 403(b), Retirement Health Savings (RHS) plans, Employer Investment Program (EIP) plans, affiliated IRAs, and investment-only assets. Includes assets under administration and management by MissionSquare with its subsidiaries.
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Reed Schneider Prosek Partners for MissionSquare Retirement 646-818-9063 rschneider@prosek.com
