(NAPSA)—Retirement readiness was one of many topics recently discussed by a panel hosted by Boston-based asset manager Eaton Vance. The panel of behavioral finance, economic, tax and capital markets experts discussed a range of issues facing investors, including tax reform, social security, the national deficit, single stock concentration, capital markets performance, inflation, retirement readiness and other personal finance issues. According to the sixth annual investor survey commissioned by Eaton Vance, more than four in five investors (84%) are optimistic that they will live comfortably in retirement. Over half of investors (55%) believe they will need $1 million dollars or more to retire, and the average investor says he will need about $1.9 million to retire. More than one-third of Avi Nachmany, co-founder and research director of Strategic Insight, an asset management industry Jane Bryant Quinn, moderator of the discussion and noted personal finance columnist, brought The dialogue was based on the results and implications of Eaton Vance’s sixth annual survey, a detailed study of attitudes and practices about investing. The poll was conducted among 1,000 U.S. people who have amassed a sufficient amount of moneyfor retirement have to manage this money to last the rest of their lives, 30 years or more. At what rate do fied retirement plans. This study was conducted by Penn, Schoen & Berland Associates, Inc. for Eaton Vance Corp. during the third week think-tank and data resource. up the difficulty in managing one’s moneyin retirement. “Even the they withdraw it? What invest- ment success did they have? We haven’t even begun to think about how you manage the withdrawal part and people are at risk offailing at that, too. This is a job far beyond the average person’s ability to manage and somebody’s going to have to manageit for them.” The survey found that 90% of investors participate in a 401(k) like to retire by the time they are plan or IRA investment plan and 78% contribute the maximum and only 16% of investors want to ments inside a qualified plan and “Many investors believe that about two million is sufficient to managed investment options. have saved too little so far. For example, mutual fund investors chief equity investmentofficer of investors (35%) say they would 60, half of investors hope to retire between the ages of 60 and 65, retire after age 65. retire comfortably. However, they have put aside about three and a half trillion dollars in retirementsavings designated accounts, about $70,000 per household on average. The median saved amountis only under $30,000. Most people have too little saved and yet they are very optimistic that they'll have great luck in retirement. Some- thing hasto give,” asserted panelist Richardson marveled. amount. 39% of investors incor- rectly hold municipal bond invest68% were unfamiliar with tax- Panel member Duncan W. Rich- ardson, senior vice president and Eaton Vance Management was dismayed by these findings. “What struck me in the survey is that lots of folks are still not taking advantage of current retirement plans and current savings methods. In addition, they aren’t fully educated on investment products and where to place them to enhance their retirement savings under the current tax code,” residents who have invested in both qualified retirement plans and investments outside of quali- of November 2004. Eaton Vance Corp. is a Boston- based investment management firm whose stock trades on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates managed over $98 billion in assets as of January 31, 2005, for more than 100 investment companies, as well as individual and institutional accounts, including those of corporations, hospitals, retirement plans, universities, foundations andtrusts. Penn, Schoen & Berland Associates, Inc. is a Washington, D.C.- based full-service strategic polling and marketresearch firm. Before investing in any Eaton Vance Fund, prospective investors should consider carefully the Fund’s investment objectives, risks, and charges and expenses. The Fund’s current prospectus contains this and other information about the Fund and is available through your financial advisor. Read the prospectus carefully before you invest or send money. Eaton Vance Distributors, Inc., The Eaton Vance Building, 255 State Street, Boston, MA 02109.
