ING U.S. Retirement Services is asking Americans to take the 2% reduction in their Social Security taxes and use the money for their retirement, in a new “Retirement Raise” campaign.
The campaign is aimed at ING’s six million participants and 52,000 defined contribution plan sponsors and is being disseminated through educational materials, e-mails, electronic newsletters and participants websites.
ING has also posted a calculator at its corporate website showing how small increases can add up.
The campaign mirrors last month’s “Two for Tomorrow” campaign from The Hartford. ING’s campaign, however, kicks off with this week’s America Saves Week 2011.
“For most Americans, workplace plans represent the cornerstone of their retirement portfolios and are one of the first and best places to start saving,” said Catherine Smith, CEO of ING U.S. Retirement Services. “Unfortunately, many of the nearly 75 million workers who have access to plans aren’t maximizing them to the fullest. As the burden to self-fund retirement grows in our country, we need to find simple ways for people to save more. Contributing the 2% FICA reduction into a retirement plan is the perfect opportunity.”
A recent ING survey found that 87% of workers said they could afford to increase their annual contribution rate by 1% of their salary. Fifty-nine percent said they could increase it by 3%, and 32% said they could afford a 5% increase.