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Many Americans not prepared to retire

Posted On Tue, October 25, 2011

Twenty-eight percent of Americans can confidently say that nothing has prevented them from saving for retirement, but for most other consumers, there have been quite a few hurdles in the way, according to a survey from ING Direct.

Nearly nine in 10 consumers think that retirement savings should begin with a person's first job opportunity, and not finish for the rest of their time in the workforce. However, one-third of Americans think it is okay to temporarily abandon savings to pay for another expense.

"You have to plan for retirement from day one in the workforce, even as little as a five percent salary contribution annually is going to help retirement come sooner," said Arkadi Kuhlmann, president and chief executive officer of ING Direct USA. "By using the tools available to help you plan, you can have the retirement lifestyle you always wanted."

Those consumers who are ready to start their preparation for retirement may want to check out annuity insurance quotes, as comparing rates could be the best way to find the best deal.

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