We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (18,682)
  • Industry Conferences (5)
  • Industry Job Openings (4)
  • Moore on the Market (243)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (691)
  • Wink's Articles (285)
  • Wink's Inside Story (257)
  • Wink's Press Releases (107)
  • Blog Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • Retirees who own an annuity are more confident about maintaining lifestyle

    February 26, 2018 by Insurance Forums Staff

    Retiree annuity owners feel more confident that they are more likely to afford their preferred retirement lifestyles – even if they live to age 90 or older – than retirees who do not own an annuity.

    A new LIMRA Secure Retirement Institute study released Feb. 20 found three quarters (73%) of retirees who own an annuity believe they will be able to live the retirement lifestyle they want, compared with just 64% of retirees who don’t. Nearly 7 in 10 retirees who own an annuity are more confident their savings and investments will not run out if they live to age 90, compared with 57% of retirees who don’t own an annuity (see Chart 1).

    The report, The Differences They Make: An Advisor, an Annuity or a Formal Plan in a Retiree’s Life, finds more than half of retirees who own an annuity (52%) own more than one annuity – nearly a third (32%) own two annuities; and 20% own three or more annuities.

    Institute research shows financial advisors play an important role to ensure people have done the needed planning to ensure they have a secure retirement. Twice as many retirees who work with an advisor own an annuity, compared with retirees who don’t work with an advisor (56% vs. 28%) (see Chart 2).

    Formal retirement plans lead to better outcomes

    Institute research consistently shows having a formal retirement plan leads to better outcomes.

    Prior Institute research finds retirees and pre-retirees who have a formal retirement plan are three times as likely to feel very prepared for retirement. They are also twice as likely to have estimated how long their assets will last in retirement and have a specific plan for generating income from their savings.

    A formal retirement plan often includes determining income, assets and expenses, and identifying and mitigating the potential risks a retiree faces in retirement. An annuity can be an important tool, providing a lifetime guaranteed income stream for their clients. The Institute found annuity ownership rate is nearly 70% higher among households that have completed a formal plan than households without plans.

    Despite the fact that formal retirement plans lead to sales of guaranteed income products, advisors report they have completed formal retirement income plans for only 35% of their retired clients. Institute research shows more than 50% of affluent and high-net-worth (HNW) clients (assets $500k or more) do not have formal plans.

    Nearly half of the affluent and HNW clients with a formal plan have consolidated 90% or more of their assets with their advisors — more than double the clients with similar range of assets but without a plan.

    Institute research finds retirees with formal plans are more likely to experience lower or as-anticipated essential living expenses compared to retirees without plans. To avoid the disparity between expectations and experiences, a good formal plan is essential. Painting a realistic, affordable picture of life in retirement is one of the advisor functions most valued by clients.

    A formal written plan can align the prospective retiree’s expectations with reality. Determining what expenses will be in retirement and supporting them with predictable sources of income, like an annuity, will help ensure retired clients can feel confident in their financial security.

    In December 2016, LIMRA Secure Retirement Institute surveyed 2,025 retirees who were aged 55 to 79; had been retired for at least one year; had not worked for pay within the past year; and had household incomes of at least $35,000.

    LIMRA, a worldwide research, learning and development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com.

    Originally Posted at Insurance Forums on February 26, 2018 by Insurance Forums Staff.

    Categories: Industry Articles
    currency