Creekside Insurance Advisors, Inc.

Creekside Insurance Advisors, Inc is a local, independent agency located in Winchester, VA.

Winchester Office: 167 Creekside Lane, Winchester, VA 22602
(540) 722-2529 • (800) 467-5425

Richmond Office: 1809 Raintree Drive, Richmond, VA 23238
(804) 767-4419 • (800) 467-5425
  • Home
  • About Us
    • About Us
    • Testimonials
    • Charities
  • Employers
    • Group Health Products
    • Get A Quote!
    • Employer Forms
    • FAQ
  • Individuals
    • Medicare Supplement/Education
    • Life Insurance
    • Long Term Care Insurance
    • Dental & Vision Plans
    • $0 copay Call A Doc +
    • Individual Forms
    • FAQ
  • Fixed Annuity
    • Today’s Interest Rates
    • Fixed Annuity Solutions
    • Videos: Benefits of Fixed Indexed Annuities
    • Income For Life
  • News/Blog
  • Events
You are here: Home / News / 4 new (and surprising) facts about retirement security

4 new (and surprising) facts about retirement security

June 11, 2015 by jdubrueler Leave a Comment
MAY 28, 2015 | BY EMILY HOLBROOK

 

We’ve heard it all before, retirees and pre-­retirees are financially ill equipped to make their savings — if any — last throughout their golden years. With more and more businesses cutting pensions, and health care costs and longevity continuing to rise with no foreseeable end, truly having enough savings for retirement can seem out of reach for many. As LIMRA’s Secure Retirement Institute recently noted in their “Informing the debate: Facts about retirement security” report, the biggest risk to Americans’ retirement security is their lack of savings. Half of baby boomers have less than $100,000 saved for retirement and more than a third have less than $25,000. These numbers are a terrifying wake­up call.

screen-shot-2015-05-28-at-82500-am

1. 49 percent of retirees retired earlier than they had planned. Health reasons were the most common cause. It’s true, many people do not retire when they thought they would. As the chart above illustrates, sometimes it’s later, many times it’s earlier. This is where guaranteed income comes into play. According to LIMRA, half of U.S. households with assets of at least $100,000 are interested in converting assets into guaranteed lifetime income.increase

2. Annuity owners are happy with their purchases. It seems annuity owners are smiling these days. LIMRA found that owning an annuity increases confidence in achieving a secure retirement lifestyle. An optimistic fact: Nine out of 10 affluent households with an annuity are confident in their retirement security. Even better, more than 70 percent of annuity owners are willing to recommend annuities to their friends and family members, and four out of five annuity owners agree that annuities are a good fit for their financial needs.

money-free

3. Many want advice, few are willing to pay. Though people wanting something for nothing is not very surprising, what is surprising is that LIMRA shows eight in 10 consumers believe their advisor helps them in ways they would not be able to achieve on their own and more than half say they prefer flat fees when it comes to retirement planning advice, but only one in five are willing to pay more than $100 for it. Sounds like a Dire Straits song.

employee-benefits

4. Half of employers do not believe guaranteed income products are important to their employees. Wrong. Eight in 10 U.S. workers would like a guaranteed income option for their DC plan, yet most employers do not offer these options (only 21,000 in the United States, representing less than 1 percent of the U.S. work force). As LIMRA notes, employer ­matching contribution is the single most significant factor in determining whether employees contribute to a DC plan or not.

Originally published on LifeHealthPro.com

Filed Under: News Tagged With: #agingamericans, #babyboomers, #moneysavings, #seniormarket, #seniorsavings, postretirement, retirement, retirementplanning

Speak Your Mind Cancel reply

*

*

Contact Us

Business Hours

Monday 9:00 AM 5:00 PM
Tuesday 9:00 AM 5:00 PM
Wednesday 9:00 AM 5:00 PM
Thursday 9:00 AM 5:00 PM
Friday 9:00 AM 3:00 PM
Saturday Closed
Sunday Closed

Follow Us!

Follow Us on FacebookFollow Us on Twitter

Follow us:

Join us on Facebook
Virginia Health Insurance Quotes - Virginia Fixed Annuities - Virginia Medicare Supplement

Copyright © 2021 Creekside Insurance Advisors, Inc · 167 Creekside Lane, Winchester, VA 22602 · (540) 722-2529
Log in