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March 19, 2007 at 01:31 PM
Financial professionals and employers have to do more to make low-income and moderate-income workers aware of the little known “Saver’s Credit.”
The Transamerica Center for Retirement Studies, Los Angeles, an arm of AEGON N.V., The Hague, Netherlands, is trying to spread that message in a summary of results from a recent survey of 2,482 U.S. adults ages 18 and older, including 316 adults who qualify to use the Saver’s Credit, which officially is known as the “Retirement Savings Contributions Credit” or the “Credit for Qualified Retirement Savings Contributions.”
Only 16% of all U.S. adults have heard of the credit, and only 9% of the U.S. adults who appear to meet the credit’s income eligibility requirements have heard of it, according to Transamerica Center researchers.
