Although many Americans think they are financially savvy, new data shows how the group closest to retirement, baby boomers, struggles with retirement fundamentals and is not saving enough for their golden years. New data released by the Indexed Annuity Leadership Council shows that many baby boomers aren’t financially prepared for retirement – they have little saved, are consumed about lifetime income options, and don’t know how much money they need to live comfortably.
Many baby boomers are banking on Social Security as a main stream of money for retirement. Yet, more than half of boomers cannot correctly guess the average monthly Social Security payment. In fact, many think the average monthly payment is $500 more than it actually is – a budget miscalculation that will leave them almost a quarter of a million dollars short over a 30-year retirement.
Consumers perceive annuities more positively than financial professionals give them credit for, according to The Future of Retirement Income, a new study released by Genworth.
The study, a culmination of in-depth interviews, focus groups and quantitative surveys with financial professionals, annuity owners and non annuity owners, revealed that 68 percent of non annuity owners have a neutral to positive impression of annuities. For annuity owners, it’s even higher: 91 percent neutral to positive. In addition, the majority of annuity owners are satisfied with access to their account, fees and asset growth.
To view Multimedia News Release, go to http://www.multivu.com/mnr/54358-genworth-financial-pros-underestimate-appeal-of-annuities-among-consumers
Consumers have unrealistic expectations about when they will retire, how much money they will need in retirement and where that income will come from, according to The Future of Retirement Income, a survey released today by Genworth.
To view Multimedia New Release, go to http://www.multivu.com/mnr/54350-genworth-survey-consumers-underestimating-retirement-expenses
Genworth Financial, Inc. (NYSE:GNW) announced today the launch of two new index annuities designed to meet the growing needs of America’s security-conscious consumers. SecureLiving® Index 7 and SecureLiving® Index 10 Plus will be issued by Genworth Life and Annuity Insurance Company.
To view Multimedia News Release, go to http://www.multivu.com/mnr/52562-genworth-introduces-new-fixed-index-annuity-product-suite-secureliving
