Close to Half of Workers Unaware of Annuities
June 28, 2023 by Amanda Umpierrez
Almost half of Gen Xers and Millennials believe they won’t be able to retire, according to a new survey by USAA Life Insurance company.
Forty-nine percent of respondents said they cannot afford to retire, while four in 10 adults over the age of 18 said they are concerned over their retirement savings.
The report from USAA is the second this week regarding retirement readiness among Gen Xers. Prudential recently released its survey this week, finding that close to 30 million of those in the sandwich generation do not believe they have the proper savings to live comfortably in their retirement.
Click HERE to read the full story via 401k Specialist Mag
Wink’s Moore on the Market: I am thanking Amanda Umpierrez for this little gem.
So full of useful stats!
Like this one-
“USAA found that while nearly six in 10 (58%) adults believe an annuity is a way to save for retirement, four in 10 (42%) do not understand what an annuity is.”
CRAZY!
Read this segment:
“When asked about the most important factor when saving for retirement, 31% of respondents said having a steady income stream was vital to them, while 21% answered “protection of principal” and 20% responded “growth as markets rise.”
That reads kind of like a layup for indexed annuities Bill White! What are you working on, over there?!?
My walkaway- if four in ten adults do not know what an annuity is, isn’t there an opportunity in there somewhere?!? We’ve got to put in some WORK! -sjm
