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Retirement savings a top consumer concernAccording to new research from the Hartford Financial Services Group, consumers remain concerned about setting aside money for retirement and worry that their lifestyle during the so-called golden years will be affected based on the current economy. "In these difficult economic times, America's workers are worried that they will not have the financial wherewithal to continue their current lifestyles when they retire," said Tom Foster Jr, the Hartford's national retirement spokesperson. "The good news is that Americans are thinking more than ever about retirement and the need to save for it. The bad news is that they are finding it more difficult than ever to do something about it," he added. Most consumers are apprehensive about their ability to maintain their current level of contributions to 401(k) plans and other retirement savings vehicles, especially given new trends among employers. For those consumers who have held on to their jobs, salary cuts and reduced benefits are emerging as a trade-off to remaining employed. However, some companies are now cutting back or completely eliminating 401(k) matching programs - a useful tool many workers used to grow their retirement savings accounts. The Hartford found that 53 percent of workers are worried that their employer will follow the trend of cutting retirement matching programs. The insurance company's study also showed that 32 percent of respondents were going to postpone saving for retirement while another quarter of survey participants will remain in the workforce longer than initially planned.
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