But fully 45% don’t know how to select a retirement income product
By Lee Barney – PlanSponsor – February 9, 2018
Most Baby Boomers are unsure if they’ve saved enough to see them through retirement, fixed income annuity provider Annexus found in a survey, in which 80% of respondents said their No. 1 retirement goal is to have a reliable source of income they won’t outlive. Boomers are living longer; their savings need to fund a retirement that could last 20 to 30 years or more, and factor in rising health care costs, taxes and inflation.
The study notes:
- 88% of high-income earners consider it important or extremely important to have lifetime income that can keep pace with inflation;
- 74% of Americans with $500k or more in savings are concerned or extremely concerned about the potential for rising taxes in retirement;
- 78% of pre-retirees (55 – 59) are concerned or extremely concerned about healthcare costs in retirement: 64% of those 65+ are concerned or extremely concerned.
And even of those with an existing source of lifetime income, 56% are still concerned they’ll outlive their savings.
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