Many retirees are struggling with how to
manage their finances.
From Staff Reports January 15, 2019
With baby boomers
retiring by the thousands every week, while regulations and products change
quickly, it can be hard to assess the ever-changing state of retirement in
America.
That did not stop
the LIMRA Secure Retirement Institute from trying in its latest retirement
study.
LIMRA SRI research
shows there are 50.5 million retirees in the United States and that number will
grow 40 percent by 2035. Understanding how this significant influx of retirees
will impact the market is critical to being able to capitalize on the nearly
$35 trillion in financial assets they hold.
People are also
changing the way that they prepare for their golden years. Today, Social
Security and pensions make up the primary sources of income for nearly three
quarters of retirees. However, less than half of pre-retirees expect to fund
their retirement the same way.
According to LIMRA SRI
research, 6 in 10 retirees are worried about reduced Social Security benefits.
Nearly half are concerned about paying for health care costs beyond what
Medicare covers.
Add to that the
fact that 53 percent of all retirees retired sooner than they planned – often
not by choice. The need for formal retirement planning – such as calculating
what their assets, income and expenses will be in retirement – is greater with
so much uncertainty.
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