New Data Breaks Workforce Stereotypes: Two Blue-collar Industries Outpace White-collar Retirement Readiness
Yet overall, blue- and gray-collar industries are less prepared for their golden years, with eight of 11 scoring below average. The numbers are especially bleak for workers in the Food Preparation and Personal Care industries. The bottom-ranked industries show a barrier of access to employer-sponsored plans, which traditionally have provided accumulation and lifetime income opportunities.
In fact, more than one-third of workers who are unprepared for retirement say they don't have access to retirement plans or products, leaving them to create a self-driven plan for saving enough and making it last as long as they do.
"Long-term planning is hard enough when we know all related variables, but retirement planning is riddled with unknowns, whether you have an employer-sponsored plan or not," notes
The quest for a stable income you can't outlive is a goal shared by the majority of America's workforce, with almost 80 percent reporting this as their number one retirement need. Unfortunately, more than three-quarters of workers plan on meeting this need by relying on
Given the sustainability concerns of
"A diversified portfolio is a proven strategy for income growth and wealth protection," said
Financial planning is not only saving for retirement, it is also about securing retirement income to last the long haul. Financial resources such as online calculators and budgeting tools can help ensure an accurate, customized plan is in place to ensure funds will last a lifetime. For workers getting close to retirement age, financial retirement goals shift from accumulation of wealth to principal protection and longevity of dollars.
"If you have qualified dollars, from vehicles like 401(k)s or IRAs, and are looking at next steps for when you retire, many wonder how to take what they have accumulated and make it last," comments Poolman. "A fixed indexed annuity provides principal protection from market fluctuations and guarantees a reliable income check that is predictable and will not stop for the duration of your retirement."
To learn more about The State of America's Workforce study and white paper, visit: http://fiainsights.org/americasworkforce. For more information on retirement planning and fixed indexed annuities, visit IALC's educational website or follow the IALC on Twitter, Facebook and LinkedIn.
About The State of America's Workforce
All data is based on a large-scale, quantitative survey of 2,103
About the
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