NEW STUDY: 1 IN 3 AMERICANS CONFESS STOPPING RETIREMENT SAVINGS AT LEAST ONCE
While a whopping 94 percent of Americans currently give themselves a passing grade on retirement, a third of them have confessed to stopping retirement savings at least once, according to a new report from the Indexed Annuity Leadership Council. In fact, 20 percent of Baby Boomers don’t have a single dollar put away for retirement.
This news is startling. In many cases, $250,000 is needed for retirement healthcare costs alone. With roughly half of Americans citing that they will miss having a steady paycheck the most when they retire, individuals need to explore savings options and develop a sound strategy to address their retirement needs.
While many individuals may be banking on Social Security as a main stream of money for retirement, it is not the only consistent paycheck available for consumers. Fixed Indexed Annuities (FIAs) can provide a steady, retirement income stream.
No matter your plans for your golden years, securing your financial future is crucial to making these dreams a reality.
- 94 percent of Americans grade themselves a “C” or better on financial literacy.
- 1 in 3 Americans confess to stopping their retirement savings at least once.
- 23 percent of Americans say they don’t even know what they are saving for.
- A steady paycheck is the #1 thing that 50 percent of Americans say they will miss most in retirement.
- More than a quarter of Americans say they will miss their health insurance when they retire.