Golfers' Dreams of Retiring on a Golf Course - or Just Comfortably - are Further Away Than Anticipated

COLUMBUS, Ohio, Sept. 7 /PRNewswire/ -- Nearly one-quarter of recreational golfers would rather win the Masters than receive $1 million toward their retirement, according to a new survey released today by Nationwide Financial Services, Inc. and The Golf Digest Companies.

Yet, that windfall is what many need to shore up a $1 million retirement shortfall. Golfers, on average, have saved $289,000 and expect to need $1.3 million to retire comfortably. To hit that goal, the average golfer needs to triple his or her savings before retirement. This might be doable for someone in their 20's and 30's but more difficult for someone nearly 50 years old - the average age of golfers surveyed.

While golfers on average have saved or invested nearly 75 percent more than non-golfers, they also expect to need more income in retirement. According to industry research, golfers' savings may fall surprisingly short of their expectations.

"This survey demonstrates the greater effort golfers spend on their game versus planning for their future," said Mark R. Thresher, president and COO, Nationwide Financial. "While golfers tend to be more prepared than non-golfers when it comes to retirement, it's clear they need to save much more to reach their retirement goals - and that's something they have in common with the majority of non-golfers."

Other survey findings show that golfers may have their heads in the sand when it comes to retirement preparation.

- 94 percent of golfers are aware of the areas of their golf game that need improvement, whereas only 45 percent know which areas of their savings and investment strategy need similar treatment - 85 percent of golfers know the score of their latest round of golf and 75 percent know their golf handicap - but only 52 percent know the current value of their portfolio - 74 percent claim the amount of money they spend on golf has increased as they have aged, yet only 54 percent can say the same for their retirement savings Retirement by the Numbers

According to the survey, 70 percent of golfers believe they are currently saving or investing enough for retirement. On average, golfers said they will need 64 percent of their current annual income in retirement. However, most industry studies indicate that 80 percent of current income is a more realistic expectation to maintain a present lifestyle in retirement, Thresher said. Looking at the average golfer surveyed, the retirement savings goal should more likely be around $1.5 million, not the $1.3 million they are currently saving toward.

"Golfers, like the rest of Americans, aren't immune to the danger of overconfidence when it comes to retirement planning," said Keith Millner, senior vice president of In-Retirement Markets, Nationwide Financial. "Many

continue to have unrealistic views of how much money they'll need in retirement and lack strong plans to accomplish their financial goals."

Non-golfers face a similar predicament. Their average savings are $167,000 with a retirement goal of $1 million. The average non-golfer surveyed, who is slightly younger at nearly 47, will need to quadruple his or her savings to meet that goal. That figure still will be short of the $1.2 million they'll likely need.

Non-golfers are slightly less confident of their retirement plans, with 61 percent believing they are currently saving or investing enough for retirement. In addition, non-golfers, on average, predict they'll need 61 percent of their current income in retirement - nearly 20 percent lower than what the industry believes to be realistic.

Nationwide has developed an Action Plan worksheet to help golfers and non- golfers alike close their retirement gaps. It's available at http://onlinepressroom.net/nationwide/newsroom/. The Action Plan inquires about current income and savings, pension and Social Security expectations, and time until retirement, and it uses that information to establish a retirement savings goal. It also identifies how much money needs to be invested each year to meet that target.

"It's never too late to get retirement planning back on track," Millner said. "A great place to begin is to seek the advice of a financial professional to discuss your retirement goals and to determine your risk tolerance."

Nationwide's involvement with golf goes beyond this survey. Nationwide Financial's parent company, Nationwide, is sponsor of the Nationwide Tour. The tour supports the dreams of tomorrow's golf stars and has produced some of the game's top players, including Ernie Els, Jim Furyk and David Toms.

About the Survey

The Nationwide/Golf Digest telephone survey was administered by The Golf Digest Companies Research Resource Center of 808 not-yet-retired adults between the ages of 18 and 65 from June 30, 2005, to July 6, 2005. The parallel samples included 400 golfers and 400 non-golfers from across the United States. In theory, with probability samples of this size, one could say with 95 percent certainty that the results have a statistical precision of +/-4.9 percentage points for the survey.

About Nationwide Financial

Nationwide Financial Services, Inc. , a publicly traded company based in Columbus, Ohio, provides a variety of financial services that help consumers invest(1) and protect their long-term assets, and offers retirement plans and services through both public- and private-sector employers.

It's part of the Nationwide group of companies, which offers diversified insurance and financial services. The group is led by Nationwide Mutual Insurance Company, which is ranked No. 99 on the Fortune 100 based on 2004 revenue(2). For more information, visit http://www.nationwide.com/.

About The Golf Digest Companies

The Golf Digest Companies is an independent unit of Advance Magazine Publishers, Inc., an Advance Publications company, and includes Golf Digest, Golf World, Golf For Women, Golf World Business, Golfdigest.com, Golf Digest Research Resource Center, Golf Digest International, Golf Digest Sports Marketing, the Database of Golf in America, Golf Digest Schools, Golf Digest Licensing & Publishing and The Wrenfield Group, the second largest benefactor of the Susan G. Komen Breast Cancer Foundation.

(1) Nationwide Investment Services Corporation, member NASD. In MI only: Nationwide Investment Svcs. Corporation. (2) Fortune Magazine, April 2005 Contacts: Eric Hardgrove (614) 677-8516 hardgre@nationwide.com Shelly Hoffman (614) 677-3551 hoffmas2@nationwide.com