A not-so-funny thing happens to many Americans on the way to retirement — they save and accumulate money for retirement, only to realize that when they do get ready to retire, they’re not sure that their saved money will last.
Unfortunately, many retirement savers have been conditioned to think only about saving a magic lump sum number from which they can start withdrawing money each year after they retire. Little attention is paid to calculating how much actual income they’ll need each month to live on and if that money will last throughout retirement.
The Protected Lifetime Income Index study, a recent survey of 3,119 adults by the Alliance for Lifetime Income, shows that a mere 28% of non-retired Americans have made an effort to determine their likely monthly income needs in retirement —perhaps the single most important thing people should be planning for.
Even among those closest to or in retirement — Americans between 55 and 74 years of age — only 43% have made such a calculation.
If people don’t know what they’ll need, how will they know if they’ve saved enough to last throughout life? It’s no wonder that the survey showed 80% of us are anxious that our savings may not be enough to live on or last through retirement.
Millennials Need Your Help, Not Your Boomering Insults
Match Your Advice To Your Client’s Personality Type
Advisor News
- Addressing the ‘menopause tax:’ A guide for advisors with female clients
- Alternative investments in 401(k)s: What advisors must know
- The modern advisor: Merging income, insurance, and investments
- Financial shocks, caregiving gaps and inflation pressures persist
- Americans unprepared for increased longevity
More Advisor NewsAnnuity News
- Globe Life Inc. (NYSE: GL) Making Surprising Moves in Monday Session
- Aspida Life and WealthVest Offer a Powerful New Guaranteed Income Product with the WealthLock® Income Builder
- Lack of digital tools drives wedge between insurers, advisors
- LIMRA: Annuity sales notch 10th consecutive $100B+ quarter
- AIG to sell remaining shares in Corebridge Financial
More Annuity NewsHealth/Employee Benefits News
- Kansas state employees retain choice of Blue Cross, Aetna for health insurance
- Rob Sand unveils water quality, public health plan
- Mark Farrah Associates Assessed Year-End Health Insurance Segment Membership Trends
- Symetra Names Jeff Sealey Vice President, Stop Loss Captives
- Novus Capitalizes on Cannabis Rescheduling, Releases Q1 2026 Growth
More Health/Employee Benefits NewsLife Insurance News
- Symetra Names Jeff Sealey Vice President, Stop Loss Captives
- 3 ways AI can help close the gap for women’s insurance coverage
- Best’s Market Segment Report: AM Best Revises Outlook on Italy’s Life Insurance Segment to Stable From Negative
- Globe Life Inc. (NYSE: GL) Making Surprising Moves in Monday Session
- Dan Scholz to receive NAIFA’s Terry Headley Lifetime Defender Award
More Life Insurance News