How confident are you that you’re preparing well for retirement? Do you know how much money you need to live comfortably for the rest of your life? How concerned are you about leaving your retirement savings in a volatile stock market?
The Employee Benefit Research Institute (EBRI) and Greenwald & Associates recently released their 28th annual Retirement Confidence Survey with interesting results. 6 out of 10 workers believe they’re doing well preparing for retirement, but only half feel confident they know how much to save to live comfortably. And that leads to stress, with almost 60% feeling somewhat stressed and only about a quarter of workers within 5 years of retirement feeling very confident about their savings.
For the first time, workers were asked about guaranteed lifetime income plans such as fixed index annuities. About 80% of respondents were interested in the idea, whether as an in-plan investment option or a separate product purchased at retirement time.
Craig Copeland, EBRI senior research associate and co-author of the survey report had this to say about the results. “It seems like there is room for providers (and) investment companies to look at providing some type of guaranteed income, some type of annuity, or some other type of product that would give people a steady stream of income.”
The survey also reported growing concern about health care in retirement. More than 40% are facing higher health-care expenses than they expected. Retirees in fair or poor health are more likely to have difficulty managing their money in retirement, “including maintaining their pre-retirement lifestyle, managing day-today finances, and of course, managing health-care costs,” the survey said.
Sobering thoughts, right? Where do you stand on this issue? Safe Harbor Financial offers a complimentary consultation to help you gather the answers to these questions so you can plan on a safe, happy retirement. We help you measure your risk tolerance and then make suggestions to bring your current retirement portfolio into line. We offer custom plans for just about every situation and many of our products come with long term care insurance. What do you have to lose? Call us for your free meeting with Jim Byrd and his team. 251-625-1226