Annuities Boost Financial Confidence: TIAA
October 2, 2019 by Michael S. Fischer
Only 27% of Americans in a survey released Monday by TIAA said they were confident they would always feel financially secure, including during retirement, and just 35% were very confident they could maintain their lifestyle for as long as they lived.
Baby boomers and men overall were likelier than younger respondents and women to express confidence in these areas.
Various factors are sapping financial confidence among Americans, TIAA said in a statement: uncertainty about the future of social programs and market performance, concerns about unexpected expenses and losses, and fear of saving too little.
Keys to Financial Security
The survey identified several skills and practices that build confidence. Those who rated highly their ability to invest effectively were roughly three times as likely to express confidence in always being financially secure, including throughout retirement.