|[May 08, 2014]
Retirement Leader Calls for Action to Improve Retirement Readiness
DES MOINES, Iowa --(Business Wire)--
The current defined contribution system offers a solid foundation
for retirement success, but key stakeholders must do their part
to ensure a path to financial security in later years. That's
according to Dan Houston, president of retirement, insurance and financial
services at the Principal
Financial Group®, who asserts his views in a new book
Houston, a 30-year veteran of the retirement industry, is one of 16
thought leaders contributing chapters to The
Upside of Aging: How Long Life is Changing the World of Health, Work,
Innovation, Policy and Purpose. The authors offer new ways
to think about the critical implications of the aging global
population; focusing on the opportunities and significant potential
of a "massive demographic shift (that is) changing our world."
In Houston's chapter, "Financial
Security: Longevity Changes Everything" he focuses on the
challenges of funding what he calls the "new retirement"-an age of
discovery and exploration that could last 20, 30 even 40 years.
"This may be the first time in history where someone spends more years
in retirement than a traditional working career. But those longer
lifespans come with a substantial cost," said Houston. "Armed with the
right savings vehicles, sound guidance and self-discipline, today's
worker can ensure that aging is a time of fulfillment as opposed o one
of financial stress."
Calls for action
Houston believes over the next two decades,
90 percent of workers can be on track for a secure retirement but
recognizes it will take action by workers, employers, financial
professionals, investment managers, plan service providers and policy
makers. He outlines specific actions, highlighting the benefits to each
of the stakeholders of an aging generation that is financially
"Ensuring financial well-being in later years not only benefits
individuals, but also the economy and society as a whole," said Houston.
"We are all better off when our experienced elders have the financial
freedom to continue contributing as mentors, entrepreneurs and community
of Aging, published by Wiley,
is available on Amazon.com (News - Alert). Read an excerpt
from the book and Houston's blog
on the topic.
Houston is called on frequently as an expert on retirement savings
issues. He has appeared before the U.S. Senate Special Committee on
Aging to discuss the importance of educating the workforce about
financial needs in retirement. Houston also joined the joint forum of
U.S. Senate Committees on Finance and Health, Education, Labor and
Pensions to discuss "Private-Sector Retirement Savings Plans: What Does
the Future Hold?" Houston is a frequent contributor to The
For more research, analysis and insights, visit The
Principal Knowledge Center and connect with us on Twitter.
About the Principal Financial Group
The Principal Financial
Group® (The Principal®)1 is a global
investment management leader offering retirement services, insurance
solutions and asset management. The Principal offers businesses,
individuals and institutional clients a wide range of financial products
and services, including retirement, asset management and insurance
through its diverse family of financial services companies. Founded in
1879 and a member of the FORTUNE 500®, the Principal
Financial Group has $495.5 billion in assets under management2 and
serves some 19.2 million customers worldwide from offices in Asia,
Australia, Europe, Latin America and the United States. Principal
Financial Group, Inc. is traded on the New York Stock Exchange under the
ticker symbol PFG. For more information, visit www.principal.com.
1 "The Principal Financial Group" and "The Principal" are
registered service marks of Principal Financial Services, Inc., a member
of the Principal Financial Group.
2 As of March 31, 2014.
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