Young Americans Say They Need Millions to Retire

Survey Finds Young People See Need to Save Significantly More Than Today's
Adults

Milwaukee, Oct. 19 /PRNewswire/ -- Who needs to be a millionaire? Most young
adults think they'll need to be millionaires before they retire, according to
a new poll by the Northwestern Mutual Foundation's financial literacy Web
site, Themint.org.

To view the multimedia assets associated with this release, please click
http://www.prnewswire.com/news-releases/young-americans-say-they-need-millions-to-retire-64728007.html

Visitors to the site were asked how much money they would need to have saved
in order to retire. More than four out of five respondents (about 85 percent)
aged 18 to 29 said they would need at least $1 million, and almost half (45
percent) said they would need at least $2 million. In comparison, only 60
percent of adults aged 30 and up thought they would need to save $1 million,
and only 27 percent thought they would need at least $2 million.

"While today's adults think they'll need one nest egg to retire, young people
think they'll need a baker's dozen," said Meridee Maynard, financial literacy
expert and senior vice president, Northwestern Mutual. "In contrast to their
older counterparts, young adults see a need to save more for retirement, which
is wise given this generation is expected to live longer than any in history."

Over the past century, the average lifespan of people in the United States
lengthened by more than 30 years(i). In late August, the U.S. Centers for
Disease Control and Prevention announced that U.S. life expectancy had reached
an all-time high, climbing to 77.9 years in 2007(ii). The U.S. Census Bureau
projects life expectancy will exceed 79 years by the year 2015(iii), and new
mortality tables indicate that some Americans could even live until the age of
121(iv).

"The phrase 'life goes on' is quickly becoming 'life goes on and on and on,'"
said Maynard. "Young people may spend more time and money in retirement, but
fortunately, they also have time to prepare. Knowledge is power -- people who
identify their savings goals today are better able to achieve financial
security tomorrow."

Women Expect Longer Life, But Plan to Save the Same Amount as Men

Themint.org poll also found that women expect to live longer than their male
counterparts, and yet their goals for retirement savings are almost exactly
the same.

Almost 65 percent of women expected to live to at least 86 years old, compared
to only 50 percent of men. However, when asked about retirement savings
goals, answers offered by women and men were nearly identical. About 30% of
both men and women said they wouldn't need more than $1 million, 70% said they
would need more than $1 million, and about 40% said they would need more than
$2 million.

The U.S. Centers for Disease Control and Prevention reports that life
expectancy for American women is about five years longer than it is for
men(v).

"It is critical for women to start early and take control of their long term
financial security," Maynard said. "On average, women live longer than men,
and that means they'll spend more time and potentially more money in
retirement."

Multimedia Links

-- Northwestern Mutual's MoneySmart video: "How much money do people need
to retire?"
-- Chart: "Young Adults See Need to be a Millionaire to Retire"
-- Chart: "Half of Young Adults See Need to be a Multimillionaire to
Retire"
-- Chart: "Americans are Living Longer and Longer"
-- Chart: "Women Expect to Live Longer Than Men"
-- Chart: "Women Live Five Years Longer Than Men"

-- Chart: "Women Plan to Save About Same Amount as Men for Retirement"

Online Calculators Offer Learning Opportunities

How long will you live? How much will you need to save? How long does it take
to become a millionaire? Northwestern Mutual offers three online calculators
to help people to answer these important questions and prepare for a more
secure financial future.

-- The Lifespan Calculator, using the latest information from the
National
Center for Health Statistics(vi), considers 13 lifestyle factors
including diet, drinking, smoking and stress to estimate life
expectancy.
-- The Retirement Savings Calculator helps users estimate how much they
may
need to save to maintain their lifestyle in retirement.

-- Themint.org's When Will You Be a Millionaire helps people to estimate
how long it might take to become a millionaire while using different
savings plans.

About Themint.org Poll
From July through September 2009, visitors to the financial literacy Web site
Themint.orgwere invited to answer two questions linking retirement savings and
life expectancy projections. A combined total of more than 1,200 respondents
nationwide provided insight into their expectations for retirement, and the
results were then analyzed based on several demographic factors including the
age, gender and location of respondents.

This poll marks the seventh in an ongoing series of polls by Themint.org, with
the aim of bringing continued awareness to financial literacy issues. Poll
results are archived on the site and can be viewed at
http://www.themint.org/polls.

Launched in 1997, Themint.org is a collaboration between the Northwestern
Mutual Foundation, the charitable arm of Northwestern Mutual, and the National
Council on Economic Education (NCEE). The site provides fun activities, games,
challenges, quizzes and tests for students and teens, helpful tips for
parents, and entertaining programs and lesson plans for teachers to promote
financial literacy.

About Northwestern Mutual
The Northwestern Mutual Foundation is committed to improving quality of life
by concentrating its charitable contributions in the areas of Education,
Health and Human Services, and Arts and Culture. In 2008, the Northwestern
Mutual Foundation contributed $19.5 million to community betterment, both
locally and nationally.

The Northwestern Mutual Life Insurance Company - Milwaukee, WI (Northwestern
Mutual) has helped clients achieve financial security for more than 150 years.
Northwestern Mutual and its subsidiaries offer a holistic approach to
financial security solutions including: life insurance, long-term care
insurance, disability insurance, annuities, investment products, and advisory
products and services. Subsidiaries include Northwestern Mutual Investment
Services, LLC, broker-dealer, registered investment adviser, member FINRA and
SIPC; the Northwestern Mutual Wealth Management Company, limited purpose
federal savings bank; and Northwestern Long Term Care Insurance Company; and
Russell Investments.

Further information can be found at http://www.northwesternmutual.com.

(i) "Ten Great Public Health Achievements -- United States, 1900-1999." Center
for Disease Control. Apr 2, 1999.
http://cdc.gov/mmwr/preview/mmwrhtml/00056796.htm.
(ii) "Life Expectancy Reaches a New High." U.S. News & World Report. Aug 21,
2009.
http://www.usnews.com/money/blogs/planning-to-retire/2009/08/21/life-expectancy-reaches-a-new-high.html.
(iii) "Retirees Hit by Longevity Risk." Reuters. Nov 21, 2008.
http://www.reuters.com/article/domesticNews/idUSTRE4AK3X720081121.
(iv) "2001 Commissioners' Standard Ordinary (CSO) Mortality Table." American
Academy of Actuaries. June 2002.
(v) "Life Expectancy Reaches a New High." U.S. News & World Report. Aug 21,
2009.
http://www.usnews.com/money/blogs/planning-to-retire/2009/08/21/life-expectancy-reaches-a-new-high.html.
(vi) U.S. Decennial Life Tables for 1999-2001, United States Life Tables by
Elizabeth Arias, Ph.D.; Lester R. Curtin, Ph.D.; Rong Wei, Ph.D.; and Robert
N. Anderson, Ph.D, http://www.cdc.gov/nchs/data/nvsr/nvsr57/nvsr57_01.pdf.

Related Links
Contact Northwestern Mutual's Media Relations Division, (800) 323-7033

SOURCE Northwestern Mutual

Jean Towell of Northwestern Mutual, +1-800-323-7033,
mediarelations@northwesternmutual.com