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New statistics show that American employers are decreasing the level of health benefits they offer to employees for retirement. QuickLoansBadCredit.org comments on the figures
NEW YORK, October 21, 2013 /PRNewswire/ --
The Employee Benefit Research Institute (EBRI) has reported that only 17.1% of American employers offer their employees retirement health benefits. According to the new EBRI study, this marks a decrease from the 1997 rate, which stood at 29%. In addition to reducing the level of benefits made available for future retirees, some employers have also increased premium prices.
QuickLoansBadCredit.org believes that these reductions and cuts will place greater pressure on workers to put aside more savings for their retirement nest egg in lieu of contributions for employers. Sam Milo, spokesperson for the website, shared their comments on the figures.
"We are very concerned by the findings of the EBRI study. If employee health benefits for retirement are not comprehensive, individuals and families could be in for a very rude awakening. Additional costs, premiums and expenses are extremely worrying for retirees. Even despite careful planning, saving and budgeting for 30 years, employees may be getting short changed by their employers who may end health insurance benefits and other benefits so that an additional $6,000 to $10,000 per year may be needed by the retiree to plug the gap."
The website believes that the figures show how future and current retirees no longer have the same level of security that they did 15 or 20 years ago. The statement continued, "Retirees need to now factor in the possibility of certain benefits being cancelled, reduced or withheld. It is advisable to start a contingency fund if possible to allow for a safety net should this happen. For those who cannot save more, an affordable personal loan may be the answer to cover health costs when the time comes."
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