According to a Wall Street Journal article, New York Department of Financial Services Superintendent Benjamin Lawsky has asked 134 insurers in the state to provide information about IUL illustrations....
BOSTON, Jan. 21, 2014 /PRNewswire/ --A recent John Hancock survey found that investors are relatively confident of their preparation and expectations for retirement, but are divided on the outlook for their children. Six in 10 surveyed say they expect their quality of living in retirement to be better than their own parents, and close to a third think it will be about the same, while nine percent say they expect it to be worse. Yet a third of investors believe their children's quality of life in retirement will be worse, with about 40 percent thinking it will be about the same, and three in ten expecting that their children's retirements will be better.
"Our survey findings underscore the importance for parents to encourage savings, preparation and planning when discussing finances with their children and family members," said Bill Cheney, John Hancock's Chief Economist. "Learning about and setting up retirement and college savings plans can go a long way toward building confidence and financial security."
The findings were drawn from the fourth quarter 2013 John Hancock Investor Sentiment Survey, a quarterly poll of affluent investors.
Just over four in ten investors would not change anything about their retirement preparation. Nearly 30 percent wish they had saved more from the beginning, and 13 percent wish they had started planning earlier.
For half of those responding to the survey, their personal vision of retirement is best described by "being able to spend time as [they] choose." Spending time with family and friends and spending time relaxing were the next best descriptions (35 percent). One in five said that continuing to do work that they enjoy best describes their personal vision of retirement.
Of the 44 percent of investors who say they plan to work in retirement, 36 percent said they will likely work at a part-time job different from the one they held, while 28 percent expect to continue their existing job on a part-time basis. Sixteen percent plan to do charitable or volunteer work.
When asked to list the reasons they planned to work in retirement, nearly three-quarters said that it would help them to stay healthier mentally and physically. Feeling productive was another major reason (70 percent), as was "wanting to stay/feel connected with others" (69 percent). More than half stated they would be "bored without work." Forty percent want to keep contributing to their family's financial security.
Of those who planned to work in retirement, most were unsure how many years they would work.But 17 percent plan to work five years or fewer, while 14 percent expect to work six to 10 years.
Investors did express some worries about life in retirement. A third are concerned over entering retirement with debt. A quarter are worried they will have to financially support their adult children and are at least somewhat concerned about the possibility of having to support an elderly parent. Twenty percent worry about being able to leave an inheritance.
About the John Hancock Investor Sentiment Survey
John Hancock's Investor Sentiment Survey is a quarterly poll of affluent investors. The survey measures investors' feelings about the current economic climate and their evaluations of what represents a good or bad investment given the current environment. The poll also asks consumers about their confidence in reaching key financial goals and their attitudes toward specific financial products and services. This online survey was conducted by independent research firm Mathew Greenwald & Associates. A total of 1,031 investors were surveyed from November 11th to November 22nd, 2013.To qualify, respondents were required to participate at least to some extent in their household's financial decision-making process, have a household income of at least $75,000, and assets of $100,000 or more. The data were weighted by age and education to reflect the population of Americans matching the survey's qualification requirements. In a similarly-sized random sample survey, the margin of error would be plus or minus 3.11 percentage points at the 95 percent confidence level.
About John Hancock Financial and Manulife Financial
John Hancock Financial is a division of Manulife Financial, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife Financial in Canada and Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were C$575 billion (US$559 billion) as at September 30, 2013.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
SOURCE John Hancock Financial