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All About Annuities » Annuities Are Part Of The Retirement Readiness Playbook

Annuities Are Part Of The Retirement Readiness Playbook

Annuities Are Part Of The Retirement Readiness Playbook
News from Insurance News Net:

By Linda Koco
InsuranceNewsNet

Some retirement readiness data released this week by Voya Financial reads almost like a playbook on what Americans can do to increase their retirement readiness.

That includes owning annuities, life and long-term care insurance, as well as building up savings and investments.

For example, 83 percent of retirees who scored high on Voya’s Retire Ready Index said they had purchased insurance/investment products 10 or more years before retirement to ensure they would not run out of money.

By comparison, only 34 percent of retirees who were low scorers said the same. In fact, 60 percent of the low scorers in this group reported that they never did purchase such products, according to a consumer study that Voya commissioned on what being “retirement ready” means.

A high score equals between 7 and 10 points on a 10-point scale, according to the researchers. They described these Americans as “role models” for behaviors and attributes that can lead to greater prepa…………… continues on Insurance News Net

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