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Staggering Numbers Approach Retirement Feeling Unprepared

The past two to three years have marked a major shift in the way Americans approaching retirement view this “third act” of life.  Once regarded as “Golden Years” in which many of life’s dreams could finally come to fruition, retirement now signifies a time of anxiety, unrest and uncertainty for many.

Significant losses to 401(K)s and IRAs, a prolonged recession and continued volatility on the market have millions of Boomers wondering if the retirement they’ve always envisioned is really still within reach. In fact, a broadcast from ABC News recently revealed some staggering new statistics regarding retirement:

  • 44% of Baby Boomers surveyed aren’t sure they’ll have enough to retire
  • 60% of Boomers have lost significant value in their investments, homes and retirement plans in the last three years
  • 42% are delaying retirement
  • 25% feel they will not see the day they can retire
  • 64% of people see Social Security as the key part of their retirement safety net
  • Only 11% of people feel deeply confident that they can retire comfortably

Source: Associated Press – Poll,, April 5, 2011.

CLICK HERE to watch the actual broadcast (originally broadcast on April 5, 2011).

Where do you find yourself among those surveyed above?  Are you still right on track for each of your retirement goals, or will you have to delay them or settle for less than anticipated?  Are you really even sure?

Fortunately, despite a volatile economy and a number of factors which indicate that real recovery will be slow in the making, those looking for guarantees are not without hope.  In fact, one of the most frequently requested services we offer is the “insuring” of our clients’ retirement income through the use of guaranteed* financial products such as annuities.

What is an annuity?  It is an insurance product which can distribute income as part of an overall retirement strategy. Annuities have become a very popular choice for individuals who want to receive a steady, predictable, guaranteed income stream throughout retirement. Here’s a general description of how an annuity works: you deposit a sum of money into the product, and it then makes payments to you on a future date or series of dates. The income you receive from an annuity can be paid out to you monthly, quarterly, annually or, in some cases, even in a lump sum payment. You have several payment options including (but not limited to) receiving payments for a set number of years for the rest of your life.  This latter option has made these products incredibly popular, as life expectancies continually increase, the prevalence of employer-sponsored pensions decrease and the future of Social Security becomes increasingly uncertain.

(CLICK HERE for a look at commentary from President Obama himself on the value of annuities, published in the New York times in January of 2010.)

Translation? With a true financial professional at your side helping you navigate the road to and through retirement, the future doesn’t have to be uncertain.  The dreams you’ve envisioned don’t inherently have to wait, be “down-sized” or abandoned altogether.  If you’d like to see where you currently stand and ensure you’re making the best possible moves for your financial future, just give us a call today!

* Guarantees subject to the financial strength and claims paying ability of the issuing insurer.

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