If you were counting on the average Social Security benefit of $745 per month, could you afford to retire?
The Choose to Save Web site --part of an Emmy Award-winning community education campaign by the Employee Benefit Research Institute and the American Savings Education Council, Washington -- asks this kind of question in focusing public attention on planning retirement savings.
"Choose to Save is an educational campaign to encourage people to look into retirement and other types of savings," said Danny Devine, director of public relations at EBRI.
"With the retirement age and longevity in life expectancies, people are retired for 20 years or more, which is more than it has been before."
The program uses print, radio and television public service announcements. It also provides Internet tools to help consumers evaluate their savings needs and provide steps that will help them begin the savings and retirement planning process.
"We say the sooner the better. Compound interest works better if you are younger," said Mr. Devine. "But we also like to stress that it is never too late -- even the middle-aged can benefit from starting to save for retirement."