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Fall 2010 Pre-Retirees: Regaining Ground and Improving Retirement Readiness A Building Futures Report: Q3 2010 Table of Contents Facing New Realities 1 Regaining Some Lost Ground 2 Pre-Retirees Are Saving Steadily 3 Equity Allocation Diversifies Over Time 4 Exchanges Increase with Age 5 Caution Lingers Following “Flash Crash” 6 Staying Power Is Key to a More Successful Outcome 7 Moving Forward 8 Pre-Retiree Checklist 9 Facing New Realities More Americans now view their workplace plan as a cornerstone of retirement, and “pre-retirees” (those age 55 and above) must look for ways to maximize every savings opportunity or risk running short of their income needs in retirement. Increasingly, employees of all ages are beginning to realize they will need to work beyond the typical retirement age of 65. In its 2010 Retirement Confidence Survey, EBRI found that 33% of Americans now plan to continue working past the traditional retirement age of 65, up from 25% five years ago.1 Fewer have pensions and most understand that Social Security may not provide them with enough income to support the retirement lifestyle they envision. It’s critical that those in the “final stretch” of their working years make meaningful progress with their retirement savings. Fortunately, many heeded the advice from their employers about the importance of saving for retirement and are better positioned to retire as planned. In fact, recent findings seem to indicate that those who have been persistent savers are showing signs of success. In light of the new economy, however, a large number of pre-retirees are faced with recalibrating their retirement strategies. This Building Futures brief is based on our analysis of nearly 17,000 corporate defined contribution plans and 11 million participants as of September 30, 2010. It highlights account balance growth of 290,000 pre-retirees who were continuously employed by their DC plan sponsor and had balances in their DC plan for 10 or more years. The brief suggests key considerations plan sponsors can take to augment their current efforts and provide support to all participants seeking to improve their chances of retirement success. Key Findings: • Average account balances for pre-retirees continue to improve — even more so for those continuously employed who have maintained a balance in their plan for 10 or more years. • Contribution rates rise strongly with age. • Pre-retiree participants are increasingly cautious with how they allocate their contributions. • Exchanges over the past 12 months have been into more conservative options — particularly since the May 6 “Flash Crash.” • Consistent saving and ongoing education are keys to a more successful outcome. © 2010 FMR LLC. All rights reserved. 1 Regaining Some Lost Ground The average account balance for pre-retirees is up 11% from Q3 2009, and up 14% from Q3 2008. While the challenges of the lingering recession and market returns impacted the average account balance for pre-retirees during the past several years, their account balances have regained some lost ground. This can be attributed to both continued contributions and market gains. These overall average account balances represent a constantly changing mix of participants, due to newly hired participants being added in and retirees and job changers being taken out (no longer actively employed by the plan sponsor). An alternative approach to looking at true changes in average account balances is to look at an unchanging set of participants. For the set of pre-retirees who were both actively employed by their plan sponsor and had balances in their plan for each of the last 10 years, average balances more than doubled, from $96,000 to $211,300. This 120% growth over 10 years corresponds to a nominal compound annual growth rate of 8.2%. When adjusted for inflation, this growth corresponds to a 5.9% real compound annual growth rate (8.2% nominal rate – 2.3% inflation = 5.9% real growth rate). “Staying the course” by continuing to make contributions and remaining invested in diversified options The average account balance of pre-retirees is up 11% from 2009, and up 14% from 2008. helped a number of pre-retirees grow their accounts, with the average account balance reaching a 10-year high of $211,300 as of the end of the third quarter (Exhibit 1). Exhibit 1: Average Account Balances of Active Participants Age 55+ (10-Year Continuous) Q3'02 $211,300 $189,500 $180,900 $145,700 $79,300 Q3'01 $121,700 $81,700 $50,000 $96,000 $100,000 $102,100 $150,000 $167,700 $200,000 $206,300 $250,000 $0 Q3'00 Q3’00–Q3’10: Cumulative % Change: Compound Annual Growth Rate: Annualized Inflation: Q3'03 Q3'04 Q3'05 Q3'06 120% 8.2% 2.3% Notes: Age was 55+ as of 9/30/2010. Inflation based on CPI for all urban consumers. Note: Past performance is no guarantee of future results. 2 Q3'07 Q3'08 Q3'09 Q3'10 Pre-Retirees Are Saving Steadily, But Could Save More We continue to see the majority of pre-retirees contributing to their workplace retirement plans. Pre-retirees contribute an average of 10.6% to their plan (excluding employer contributions), compared to the average contribution rate of 8.2% for all age groups, and deferral rates increase with age (Exhibit 2). Exhibit 2: Average Deferral Rate by Age 12 10 9.4% 8 6 5.2% 5.9% 6.8% 7.4% 7.9% 10.3% 10.9% 11.7% 12.0% 8.3% 8.2% 4 2 0% 20–24 25–29 30–34 35–39 40–44 45–49 50–54 55–59 60–64 65–69 70+ Overall Note: Total elective deferral rates shown include employee pretax, post-tax, Roth, and catch-up contributions. They exclude employer contributions. While many plans offer catch-up contributions (allowing workers 50 and older the opportunity to make an additional contribution), only 13% of those participants eligible to make them are taking advantage of the opportunity. This may be because many participants don’t earn enough to be able to save more or perhaps because of a general lack of awareness or understanding of the catch-up provision. Whatever the reason, this is an opportune time for participants to boost their contributions for potential growth. Exhibit 3: Percentage of Participants Deferring to Catch-Up by Age 18 14.5% 15 12 15.4% 16.2% 13.6% 12.9% 10.5% 9 6 3 0 50–54 55–59 60–64 65–69 70+ Overall Catch-up participation and deferral rates increase as workers age (Exhibit 3) and, accordingly, those who use catch-up contributions are saving at higher rates overall. The average total employee deferral rate for catch-up participants is 22% (pretax, post-tax, Roth 401(k), and catch-up), with the catch-up portion at 8% of the total contribution. Note: Figures based on percentage of actively employed participants with catch-up deferral rates in plans that utilize and report catch-up deferral rates. Data for plans that do not use a separate catch-up deferral rate are excluded. © 2010 FMR LLC. All rights reserved. 3 Equity Allocation Diversifies Over Time Savers — both younger employees and pre-retirees — appear to have recovered some confidence in their ability to invest, particularly those with balances in employer-sponsored savings plans, as highlighted in a 2010 Retirement Confidence Survey by EBRI.1 Pre-retirees are exercising more caution with their asset allocations than they have in the past. For example, a look at the contribution allocation to equities for those participants who are 50–54 reveals a 13% drop from 10 years ago (Exhibit 4). Overall, participants’ contribution allocations have become more conservative over the past 10 years. Exhibit 4: Percentage of Contribution Dollars Invested in Equities by Age 100% 83% 75% 80% 87% 79% 87% 78% 86% 77% 83% 76% 81% 72% 79% 76% 70% 63% 66% 50% 56% 60% 55% 51% 43% 25% 0% 20–24 25–29 30–34 Equity 9/30/00 35–39 40–44 45–49 50–54 55–59 60–64 65–69 Equity 9/30/10 Note: Data are for the three months ending on the dates shown. Equities consist of domestic equities, international equities, company stock (employer securities), and the equity portion of blended investment options. 4 70+ Exchanges Increase with Age Despite lingering market volatility, only 10.5% of overall participants made one or more portfolio exchanges during the 12 months ending Q3 2010, down from 12.6% in the same period last year. The majority of participants are staying the course, even as they endure a sluggish economy. The amount of trading increases as participants’ balances grow and they prepare to transition into retirement. A look at participant behavior by age reveals more participants taking action to rebalance their account(s)—perhaps to be better prepared for income needs in retirement—as they age. For example, 14.5% of pre-retirees age 55–59 made exchanges, compared to only 4% of individuals age 20–24 (Exhibit 5). Exhibit 5: Percentage of Participants Making an Exchange by Age 15 13.4% 12 14.5% 13.1% 11.3% 9 8.3% 9.3% 10.5% 10.0% 10.0% 6.6% 6 5.1% 4.0% 3 0 20–24 25–29 30–34 35–39 40–44 45–49 50–54 55–59 60–64 65–69 70+ Overall Note: Data represent the 12 months ending 9/30/2010. © 2010 FMR LLC. All rights reserved. 5 Caution Lingers Following “Flash Crash” Overall exchanges by individuals 55 and over remain fairly modest, and over the past 12 months the majority did not make any exchanges. Of the 13% that did make an exchange, many have directed their allocation into conservative options such as fixed-income and stable value investments (Exhibit 6). This movement to fixed income peaked after the “flash crash” on May 6, 2010, when the stock market dropped 600 points, only to recover in a matter of minutes. Prior to this date, the flow between equities and fixed income was at or near normal levels, yet, since this event, movement into equities has been extremely small. This flash crash anomaly appears to have made a lasting impression on pre-retirees. Since May 6, 2010, net exchanges Exchanges by individuals 55 and over remains fairly modest, with most exchanging from equities into conservative options such as fixed-income and stable value investments. from equities into fixed-income investments for this demographic have peaked. It will be important to monitor participant asset and contribution allocations to ensure that they do not shift inappropriately for their time horizon, which could result in an increased risk of a potential shortfall in retirement. Exhibit 6: Net Exchanges by Asset Class by Age 12 Months Ending 9/30/2010 $100.0 $80.0 Inflows $60.0 $40.0 $20.0 $0 $(20.0) Outflows $(40.0) $(60.0) $(80.0) $(100.0) 20 - 24 Short Term 25 - 29 Stable Value 30 - 34 Fixed Income 35 - 39 Blended 40 - 44 Domestic Equity 45 - 49 International Equity 50 - 54 55 - 59 Company Stock 60 - 64 Specialty 65 - 69 Self Directed Brokerage 70+ Annuity Note: Data based on all 9/30/2010 Fidelity recordkept corporate DC participants (i.e., actively employed by their DC plan sponsor, terminated, and those who fell into both categories over the course of the 12-month period). The “Specialty” asset class includes Real Estate, Natural Resources, Precious Metals, Technology, Energy, Health Care, and convertible securities. All listed asset categories are mutually exclusive. The values in the chart have been indexed. 6 Message to All Employees: Staying Power Is Key to Success Efforts by plan sponsors — such as plan design enhancements to encourage better participation and asset allocation strategies, and access to guidance — appear to be having a positive impact on employee outcomes. A review of participants age 55 and over who were actively employed by their DC plan sponsor and had a balance throughout a 10-year period (ending 9/30/2010) highlights some notable and positive trends (Exhibit 7). • On average, these participants saw balance increases of 120% for the 10-year period. • Participants who saved at or above the overall average deferral rate of 8% increased their account balances by 132%. • Those who utilized the annual increase program increased their balances by 149%. Account balance growth is a reflection of two major factors: market action and net contributions. In a period of down markets, contributions play a more prominent role in account balance growth, and in up markets, the market plays a stronger role. Deferring at or above 8% and increasing contributions annually has led much of the account balance growth realized over the past 10 years. In the shadow of extreme market volatility, more than two-thirds of growth was attributable to ongoing net contributions and less than one-third to the market (as of 9/30/10). Had the market performed differently, these numbers could have been reversed. Exhibit 7: 10-Year Continuous Actively Employed Age 55+ Participants’ Average Account Balances $350 160% 149% 132% 120% 115% $250 Participants with Hardships 09/30/00 $0 Contributions 09/30/10 100% Lifecycle Participants with Loans Cumulative % change Participants utilizing Annual Increase Program $96,000 $200,300 $80,300 $130,800 $60,700 $53,500 $75,900 46% $51,800 $52,200 $0 $35,300 $50 48% $121,200 $150 $100 $211,300 $200 10-Year Continuous Active Participants Overall $291,700 127% 140% 120% 100% 80% $125,600 $300 Participants with > 8% Deferral Rate 60% 40% 20% 0% Note: The following categories were based on participants meeting the stated criteria on 9/30/2010: active participants, annual increase program, deferral rate greater than or equal to 8%, loans, and 100% invested in lifecycle options. The time period considered for $0 contributions was the 12 months ending 9/30/2010 and time period considered for hardship withdrawals was any time in the 10-year period. All categories above are subpopulations of the active 55+ “10-Year Continuous” participants. In other words, they are a subset of the age 55 and older participants who were actively employed by their plan sponsor and had a plan balance for the entire 10-year period ending 9/30/2010. Their age as of 9/30/2010 was 55 or older. Past performance is no guarantee of future results. © 2010 FMR LLC. All rights reserved. 7 Moving Forward Plan sponsors are to be commended for supporting both ongoing education and plan enhancements that are improving participant behavior. While there are a number of positive signs that pre-retirees are regaining confidence and taking more ownership of their retirement plans, more can be done to influence positive saving and investing behavior for all employees. Keeping Up the Efforts • Plan sponsors should employ the old adage, “Tell ‘em, tell ‘em again, then tell ‘em what you’ve told ‘em.” Encouraging pre-retirees to save more and emphasizing the importance of a diversified and balanced portfolio cannot be stressed often enough. Plan design features, such as automatic enrollment and increase programs, are paying off. Younger and middle-aged workers are your pre-retirees of the future, and these programs are “guardrails” that are encouraging positive, lifelong saving habits. • Plan sponsors who don’t currently offer catch-up contributions should consider doing so, and those who already offer this feature should make sure they’re promoting it regularly and targeting participants who are not taking advantage of this benefit. • Plan design features such as automatic enrollment and annual increase programs are paying off. Younger and middle-aged workers are the pre-retirees of the future, and these programs are “guardrails” that are encouraging positive, lifelong saving habits. Share success stories that illustrate the impact that healthy savings rates, age-appropriate asset allocations, and little to no loans or withdrawals can have on their long-term retirement goals. • Guidance is needed at all levels and age groups to help employees get on track, stay on track, and prepare for retirement. • Help employees as they transition from saving to withdrawing by providing them with flexible income strategies and planning tools. • Plan sponsors have access to data to help them analyze participant behaviors and plan design implications. Fidelity associates can assist in identifying trends by age, and targeting areas for improvement, such as asset allocation. 8 Give Pre-Retirees a List of Planning Steps There is a lot of information and noise out there, and employees may feel confused or overwhelmed, resulting in inertia. Employers may want to consider offering these six simple steps to help pre-retirees prioritize what makes the most sense for their situations. Pre-Retiree Checklist Consideration Action Steps 1. Determine if you are on track for your retirement goals • Evaluate your expenses, both essential (those things you must have) and discretionary (those things you can do without). • List all sources of predictable income, including Social Security and pensions. • See if you are on track for your retirement goals. 2. Consider ways to boost your savings • Contribute as much as you can to your 401(k) or IRA. • If you are age 50 or older, take advantage of catch-up contributions. • Work longer or consider part-time work in your early retirement years. • Think about delaying Social Security payments. • Evaluate your anticipated lifestyle and trim some expenses. 3. Understand key Social Security factors • It could make up a substantial portion of your guaranteed income; when you start collecting impacts your total benefit amount. • Know the key factors that could affect your payments. 4. Evaluate your portfolio and create a plan • Consider what your retirement risk tolerance is: conservative or aggressive? Review the impact on your portfolio depending on your preferred approach. • Consolidating old 401(k)s into an IRA can make it easier to manage your overall financial picture. • Understand the key priorities for a retirement income portfolio. • Create a detailed retirement income plan. 5. Research health care options • Health care expenses in retirement can be unexpected and higher than planned. • Consider options such as long-term care insurance and supplemental health care options. • Understand the Medicare application process, including timelines and premiums, which can be impacted by your age and Social Security. 6. Protect your retirement plans • Have an emergency fund you can access for unexpected events or costs during retirement. • Pay off high-interest debt to reduce your expenses as you enter retirement. • Regularly conduct a portfolio review. • Ensure you have updated your beneficiary information, will, and estate plan. Employees can access this checklist and many resources online by visiting: http://personal.fidelity.com/planning/retirement/pdf/getting_ready_to_retire_checklist.pdf?ref_ls=gr1011 © 2010 FMR LLC. All rights reserved. 9 To discuss the trends and insights highlighted in this latest brief, or for help implementing any of the strategies featured, contact your Fidelity Representative. Or, for more information, visit Fidelity.com/forum.  010 Retirement Confidence Survey, co-sponsored by the nonpartisan Employee Benefit Research Institute (EBRI) and Mathew 2 Greenwald and Associates. 1 Guidance provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions. For plan sponsor and institutional use only. Fidelity does not provide legal or tax advice and the information provided above is general in nature and should not be considered legal or tax advice. Consult with an attorney or tax professional regarding your specific legal or tax situation. Investment and workplace savings plan products and services offered directly to investors and plan sponsors are provided by ­Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 565105.1.0 1.920783.100

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