ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, May 22, 1996 TAG: 9605220019
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
Have enough to retire? You don't worry alone
NEW YORK - Even the richest people in the country worry they won't have enough money in retirement, according to a survey released Tuesday.
The poll of the wealthiest Americans found that nearly three-quarters of those under 50 worry that inflation will erode their nest egg and 67 percent think they're not saving enough to produce the level of income they would like to have in retirement.
``They will either need to save more or lower their expectations,'' said Jeffrey S. Maurer, president and chief operation officer of United States Trust Co., which conducted the survey.
What's keeping rich baby boomers from saving more? Paying for their children's education and paying off home mortgages were the most frequently cited obstacles. Older affluent people said living expenses were their primary obstacle.
Most surveyed are counting on Social Security for only 5 percent of their retirement income and plan to generate more than 75 percent through their own investments. The average American receives a little more than 40 percent of his or her retirement income from Social Security.
The survey results were based on responses from 150 Americans whose total annual family income was at least $200,000.
- Associated Press
Animal-feed lawsuit nears settlement
CHICAGO - A federal judge Tuesday gave preliminary approval to a $45million settlement of a civil lawsuit accusing Archer Daniels Midland Co. and competitors of fixing prices for an animal feed supplement that speeds muscle growth.
The action by U.S. District Judge Milton Shadur lets the parties mail notices to about 600 class members, who have until July 9 to file objections or opt out of the lawsuit.
The Decatur, Ill.-based food processing giant has offered $25 million as its share in settling complaints that it manipulated the market for lysine, an amino acid. Two other companies - the U.S. units of Japan's Ajinomoto Co. and Kyowa Hakko Ltd. - would pay $10.2 million each.
- Associated Press
Briefly ...
VTLS, a software company in Blacksburg that specializes in library automation, has made Sunshine Coast University College at Sippy Downs in Queensland its latest user in Australia. The college is installing several VTLS products to complement its integrated library management system.
Branch & Associates Inc. of Roanoke has won a contract to build the second phase of the Lakeside Apartment project in Albemarle County. The 200-unit project is owned by Lakeside Associates II, L.P. Highland Mortgage Co. of Birmingham, Ala., placed the financing of $12,458,200.
Townside Festival Shopping Center on Franklin Road has signed leases with three new tenants. Bruce Hobart, general partner of the owner, Townside Festival Associates L.P., said Dee's Art and Framing has opened a new store of 1,200 square feet; Mail Boxes, Etc. is establishing its second location in a 1,260-square-foot store and WFS Financial Inc. will occupy 2,400 square feet.
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