ING U.S. CEO Rodney Martin Talks About Retirement Readiness

ING U.S.

CEO and chairman Rodney Martin went on CNBC's Squawk Box to discuss their focus on retirement as a newly public company. ING has only been public for about a month and a half, and are focusing on retirement moving forward as a company. Martin said that they currently have $481 billion in assets under management, and that the majority of their earnings, over 76 percent, come from retirement and investment management. Martin noted that it wouldn't surprise him if the American average for retirement savings was about $25,000 per person like some have said. "Pension plans in companies are declining. There's over 10,000 americans a day turning age 65, and will for the next 19 years, retirement accounts are five, are going to grow by five trillion dollars over the next six years," said martin. "The majority of our business is focused around that, our 13 million costumers." Regardless of economic position, according to Martin, most people are looking for guidance in preparing for retirement. "When we're facing more challenging times in economic cycles, it even underscores that more fully," said Martin. Martin also noted that bonds are riskier now, but that the balance between bonds and stocks needs to be continually be looked at. He said that it truly depends on how close someone is to retirement to decide what their balance should be. "It would not be uncommon to be 60/40, or 70/30 or maybe 80/20," said Martin.