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AARP Financial Inc. survey finds many Americans still committed to saving and investing for Retirement but one in three believe they'll never be able to stop working

AARP Financial advises Investors to maintain perspective, offers tips for a more secure retirement and Iissues reminder that the window of opportunity for 2008 IRA Contributions is closing on April 15th

TEWKSBURY, Mass., April 2 /PRNewswire-USNewswire/ --Although the financial markets are still volatile, many Americans remain committed to saving and investing for retirement according to the results of a nationwide survey* by AARP Financial Inc.

The study found evidence of cautious optimism among investors who believe the current market turmoil may slow their retirement progress, but not halt it.

"Clearly everyone's situation is different, but overall, we believe now is the time to remain focused on the long-term and not use the current economic uncertainty and market volatility as an excuse to delay saving, investing or planning for retirement," said AARP Financial Inc. President Richard "Mac" Hisey.

Window of Opportunity

Moreover, investors still have time to take advantage of a window of opportunity between now and April 15th to open an IRA or make an IRA contribution and potentially still receive a deduction on their 2008 taxes.** They can contribute up to $5,000 or even up to $6,000 if they're 50 years of age or older. A non-working spouse can also contribute the same amount.

"IRAs may offer many advantages for anybody investing for retirement," said Hisey.

"But as AARP members have told us, the process of choosing a sound investment strategy for their IRA can sometimes be just too complicated -- and too expensive.

"In reality, it doesn't have to take that much money to open an account. In fact, we make it possible for investors to keep investing in their retirement nest egg even if it's just $25 - $100 a month."

Unfortunately, the survey found that when it comes to retirement an overwhelming majority, 70%, believes no one is looking out for the average investor.

"During these uncertain times, it is critical that investors have experienced advice and intelligent solutions to help guide them," added Hisey.

"Our investment options are specifically designed to meet the needs of average investors with low fees, a simple, straightforward approach toward investing with well-diversified*** asset allocation funds and individual guidance from well-trained and experienced Financial Advisors who do not work on commission."

One in Three Will Never Stop Working

The survey also revealed that almost half (46%) of those questioned feel that no matter what they do, it is unlikely they will be able to have a financially secure retirement and that one in three believe they will never be able to stop working.

"There's an assumption that a successful retirement planning effort requires complicated planning scenarios, complex financial products and dramatic lifestyle changes," said Hisey.

"The key is to make sure your investments are well-diversified and to remember that retirement is like diet or exercise. A series of small changes now may make a significant difference over time."

Tips for a More Secure Retirement

To help you remain committed to your retirement goals, we offer the following suggestions:

• Stay focused on the long term. Retirement is a long-term goal. Reacting to every up and down in the market is not good for your health - or for your portfolio. This is especially true in volatile markets like these.
• Maximize your retirement plan contributions. If you have a 401(k), maximize your contribution, even if your employer has suspended any matching contributions.
• Don't forget about IRAs. They may offer many tax advantages.
• Take advantage of Catch-up Contributions. Once you turn 50, you can increase your contributions to your IRA and 401(k) or 403(b) plan.
• Don't forget your better half. If you are working but your spouse is not, you may be eligible to make a contribution to a traditional or Roth IRA on his or her behalf.
• Make investing automatic. Investment-wise, maybe a good way to get through volatile markets or tough economic times is to make investing automatic. Establish an automatic investment plan**** that makes investing a seamless process by regularly investing a set amount from your paycheck or checking account and transferring it to a retirement investment account.
• Resist impulse purchases. Think twice before making a discretionary purchase.
• Get informed. Research shows that many people struggle with fundamental financial terms and concepts.

* The survey was conducted in December 2008.

**AARP Financial Inc. does not provide tax advice. Please consult a tax advisor for information pertaining to your particular situation.

***Diversification reduces risk but does not eliminate it.

****An Automatic Investment Plan does not assure a profit and does not protect against a loss in a declining market.