For more than 70 years, the Baby Boomer generation has been the catalyst for a long list of new products and services – and even new industries and innovations – that have sprung up as this group, born between 1946 and 1964, has moved through their lifecycle.
In fact, this “Baby Boomer Factor,” as it is often called, has been responsible for the building of more housing when this generation was young, and later the addition of more schools, cars, and other of life’s “necessities.”
Today, Baby Boomers hold a substantial amount of wealth. But due in large part to longer life expectancy, coupled with a low savings rate and a very volatile stock market, a sizeable percentage of these individuals don’t feel prepared to retire.
The Sad State of Baby Boomers and Retirement
Unfortunately, not all of the trends set by the Baby Boomers are positive, starting with the fact that many in this generation are not properly prepared for retirement – particularly if there is no source of reliable income in place.
Based on the Insured Retirement Institute’s (IRI) 2019 Boomer Expectations for Retirement study, roughly one-third of Baby Boomers plan to wait to retire until age 70, or not to retire at all. And similarly, one-third of employed Boomers who are between the ages of 67 and 72 have had to postpone their retirement until a time in the future.
How to Take Control of Your Retirement Preparedness Meter
While you don’t have any control over the stock market’s ups and downs or falling interest rates, you can still set up a plan that can help you to reduce – or even eliminate – these types of risks.
That being said, while having a large amount of money can certainly help to move you closer to retirement, it is actually a reliable income source (or sources) that will provide your plan with sustainability, so that you can live a more worry-free life.
In fact, more than eight out of ten Baby Boomers believe that it is either somewhat – or even very – important for their retirement income sources to be guaranteed for life. And, while Social Security may be able to help with some amount of income replacement, this source is typically not enough.
This is where having an annuity comes in.
Based on the IRI study, 85% of those who are age 75 and who own an annuity state that they feel prepared for retirement. Yet, only 46% of those who are in the same age bracket and do not have an annuity state this same confidence about the future.
In fact, seven in ten Baby Boomers who have financial advisors and/or who own annuities are between two and three times more likely to believe that they “did an effective job of planning for retirement and that their income will last throughout retirement.”
How to Get Your Retirement Income Security in Place
Although annuities can be used for generating a guaranteed stream of income in retirement, these financial vehicles are not all the same – and because of that, it can typically require working with a professional who can assist you with narrowing down the best annuity for you.
At Annuity Gator, we make shopping for an annuity easy. That’s because we’ve done all of the research for you, which can paint a much clearer picture of how annuities work, and how a particular annuity may or may not fit in with your other financial goals and objectives.
Ready to find out whether an annuity can help you to stop staring that the gas gauge and instead enjoy your future, knowing that you have a regular, ongoing stream of income for the remainder of your life?
If so, we can help. To learn more about annuities and how they provide guaranteed income in retirement, visit our website at www.AnnuityGator.com. You can also contact us directly at http://annuitygator.com/contact/ to set up a time to chat with one of our annuity specialists.