Are you worried about your retirement savings? You’re not alone. Currently, there are 121 million¹ working Americans, and according to Gallup² research, 59% of them are worried about not having enough money for retirement. This is one of the many reasons the National Retirement Planning Coalition has established National Retirement Planning Week, a week focused on providing working Americans with important information on financial needs for their retirement.
There are a lot of statistics around how Americans need to save more for retirement. The good news is when workers and their spouses have a retirement plan, reported amounts of retirement savings increase dramatically. 67% of workers who indicate they do not have a retirement plan say they have assets of less than $1,000, while 49% of workers with a plan for retirement have saved between $100,000 and $250,000+ for retirement.3
Low levels of retirement confidence and high levels of economic uncertainty and volatility have led consumers to look for conservative and guaranteed sources for retirement income. Fixed indexed annuities can be a key component of a balanced retirement plan. When using indexed annuities as a part of your long-term retirement savings, you can protect your principal from market losses and enjoy upside interest potential that considers positive changes in stock market based indices. Fixed indexed annuities offered within a supplemental retirement plan like a 401(k), 403(b), or 457(b) allow you to defer taxes, so you can earn interest on your contributions, on your interest earned, and on the money you would have paid in taxes, resulting in triple compounding. Additionally by annuitizing the Fixed Indexed Annuity policy, or by adding an optional Guaranteed Withdrawal Benefit Rider for an additional cost, you are able to convert the money you have accumulated over the years into a guaranteed⁴ lifetime income stream that can never be outlived.
Are you ready to take control? Use these resources and get the information you need and consider speaking to a financial professional.
Learn more about National Life Group, our annuity products and saving for retirement.
Learn more about National Save for Retirement Week.
¹US Bureau of Labor Statistics, February 2016, “Jobenomics” Report.
³Statistics from EBRI, 2016 “Retirement Confidence Survey.”
⁴Guarantees dependent on the claims paying ability of the issuing company.