Many Boomers and others are still clinging to the notion that public and private pensions will remain largely unchanged when they retire, according to Greg Boyko, a senior vice president who leads the global retirement initiative for The Hartford Financial Services Group, Inc. (NYSE: HIG). At the AARP’s 50+ Asia Conference in Honolulu, held Jan. 23-25, Boyko and the AARP called on other non-government organizations (NGOs) that support older adults to partner with the financial services industry in helping educate people about the need to prepare for retirement in the face of dwindling public and private support.

“Like a tidal wave that grows in size without notice, a crisis looms for many people around the world who expect to rely on their government or employer to support them during a comfortable retirement,” Boyko said in remarks at the 50+ Asia Conference, which was attended by executives of NGOs and other organizations. “Unfortunately, the retirement envisioned by many people may prove more myth than reality. Demographic, financial and health issues are combining to potentially overwhelm many people as they begin retirement or what the Japanese refer to as their ‘Second Life.’”

Boyko should know. He recently returned from an assignment in Japan where he served as chief executive officer of The Hartford’s subsidiary, Hartford Life Insurance K.K., the leading provider of variable annuities for people saving and investing for retirement. Now chairman of the Japanese firm, Boyko also helped build the business from a greenfield in 1999 and has had a hand in building businesses in the United Kingdom and Brazil that offer retirement savings products.

A fellow Boomer, the 56-year-old Boyko is now an international spokesman on the global challenges to traditional views of retirement. As worldwide life expectancies increase from 67 in 2005 to a projected 75 in 2050, governments and private employers can be expected to continue cutting back on pension benefits, he said. Low birth rates in developed countries over the past few decades translate to continually declining worker-to-retiree ratios, putting a strain on America’s Social Security system and other government-sponsored retirement benefits around the world.

Research conducted on behalf of The Hartford last year in the U.S., the United Kingdom, Japan, Germany and South Korea indicated that most people are worried about having enough income to live comfortably in retirement. Conversely, few people are confident about their financial planning abilities, especially in Japan and South Korea. Many people in the U.S., U.K. and Germany lack confidence in financial matters as well.

“There is a huge crisis of confidence when it comes to financial planning and retirement planning,” Boyko said in his remarks. “Increasingly, people say they do not know where to turn when it comes to obtaining financial planning advice. In Japan, the No. 1 source of financial advice is the news media.”

Boyko said everyone needs to be better educated about issues associated with aging and retirement to address the current and future crisis. The Hartford is already headed down this path, having developed a staff of gerontologists who study issues affecting older people. The Hartford has put its research to use in developing new retirement investment and income solutions, creating educational materials, and servicing the needs of financial advisors and their clients in the United States. The firm has also created a team of retirement consultants in the U.S. who help educate financial advisors and their clients about retirement planning strategies. In addition, The Hartford works closely with the AARP and the Massachusetts Institute of Technology AgeLab to better understand older adults and their needs.

Boyko discussed the important role NGOs can play in helping consumers become more financially literate, especially when it comes to retirement planning, and advocating on issues that help aging populations. “The financial services industry and NGOs can work together to encourage governments to provide more incentives for retirement savings,” Boyko said.

Recently, the rules for 401(k) defined contribution retirement plans in the U.S. were changed to allow employers to automatically enroll new employees in the plans, which is expected to boost employee participation rates, he said. The Hartford and other financial services firms continue to support efforts to promote tax advantages for retirement income. In the U.K., recent pension reforms allow consumers to save and invest more than £200,000 on a tax-favored basis each year for retirement, Boyko pointed out.

In Japan, The Hartford is working collaboratively with the Japan Society NGO Coordination Association (JANCA) and the Japan Association for the Promotion of Financial Literacy (JAPFL) to promote educational programs. JAPFL and The Hartford are working to develop a program on retirement education. The program would make retirement education tools and seminars available to help people prepare for a financially secure retirement.

“The financial services industry needs help educating people on financial planning and literacy. The AARP and other NGOs who support older adults have an opportunity to play a huge role,” Boyko said. “We need to partner together on more initiatives to educate Boomers and older people about retirement issues, and encourage them to make the right choices in planning.”

The Hartford, a Fortune 100 company, is one of the nation’s largest diversified financial services companies, with 2007 revenues of $25.9 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is www.thehartford.com.

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