FOR IMMEDIATE RELEASE                        98-28

                                       Press contact:
                                       John J. Nester 
                                       (202)942-7083
                              
                              
Figuring How Much Money to Save for Retirement Isn't as Hard
                         Many Think

 "Facts on Saving and Investing Campaign" urges Americans to
                  get a "Ballpark Estimate"
                              

     Washington, D.C., March 26, 1998 -- The road to
financial security starts with six simple steps.  That's all
it takes to fill out the "Ballpark Estimate," a one-page
worksheet that helps people quickly calculate how much money
they should save each year to retire with enough money.

     That's the message of a national coalition of
government, business and consumer organizations that is
launching the Facts on Saving and Investing Campaign.
During the week of March 29 to April 4, coalition members
will encourage Americans to get a "Ballpark Estimate" of
their retirement needs.

     Throughout the week, businesses and government agencies
will distribute copies of the worksheet to their employees.
The "Ballpark Estimate" will also be handed out at each of
the more than 20 Town Meetings on Saving and Investing
taking place nationally on Saturday, April 4.

     "Once people understand their financial goals, they can
begin to consider saving and investment products to match
them," said Arthur Levitt, Chairman of the U.S. Securities
and Exchange Commission.  "If we can convince Americans to
spend a few minutes of their time this week figuring out how
much money they should save for retirement, then our
campaign will be a great success."

     An estimated 65 million Americans will probably fail to
achieve one or more of their major life goals because they
have not developed a comprehensive financial plan, yet three
out of four American workers, have no idea of how much money
they should save for retirement, according to recent
surveys.  Most respondents said that they were afraid of the
answer, considered the process too complicated, or didn't
have the time.

     Created by the American Savings Education Council, the
"Ballpark Estimate" helps people determine annual savings
goals by simplifying complex calculations, such as earnings
assumptions and projected Social Security benefits, in six
easy steps.

     For example, a 35 year-old working woman with an annual
income of $30,000 will need $21,000 per year to enjoy her
same standard of living in retirement.  The worksheet's
steps 2, 3 and 4 tell her she needs to save $135,000 by age
65.  If she's already saved $2,000 (step 5) for retirement,
step 6 tells her she should save $2,793 this year, assuming
a 3% rate of return on her savings after inflation.

     For a free copy of the Ballpark Estimate, call 1-800
732-0330, or visit the campaign's website at
www.investoreducation.org.



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A copy of the Ballpark Estimate is attached.

Background:  It's critical that Americans know how much
they'll need for retirement as soon as possible because of
the following:

  * Average Americans will need 70% of their current income
    in retirement to live comfortably.

  * Social Security was designed to supplement--not cover--
    all income needs in retirement.  The average retiree today
    finds that social security payments amount to 40% of their
    pre-retirement incomes.

  * About half of our workers, 60.4 million Americans, have
    no pension plans at work.

  * The sooner Americans start saving for retirement the
    easier and cheaper it is to build up a nest egg.  Small
    amounts of money can grow dramatically over long periods of
    time, especially through the compounding of interest and
    reinvestment of dividends.