Half Of Americans Are Without Pensions
In New York, another survey about financial preparation for retirement has identified
that around seventy percent of more than a thousand adults over the age of twenty-five feel that they manage their finances well. Unexpectedly, 48% of all surveyed don't think that they'll be prepared to maintain their current lifestyles when they retire, while half of all participants in retirement have many concerns about making their nest egg last.The IPSOS survey states that half of all respondents wish they had pensions, including those from the ages of twenty-five to thirty-four, in spite of the relative obscurity of pension plans and similar tools in comparison to other types of accounts and investments. This may be seen as a result of the lack of confidence in the equity markets - the need for a safe and secure source of income.
Survey research also touched on fixed-rate annuities within 401Ks, which would require contributions over a certain duration, enable shifting to different plans, provide guaranteed income over the buyer's lifetime, and pay beneficiaries a lump sum upon the holder's death if the balance of the account went beyond the amount already paid. 74% of all surveyed prefer that this option become available, with more than eighty percent of those from the 25-34 set agreeing.
Among those surveyed who didn't have 401K plans, 38% say that they would participate if the said option for annuities was available. 77% of these people state that they would put aside some of their contributions towards the annuity, while 51% would want their employer to match their annuity contributions.
These are just some glimpses into the mindset of those thinking of retirement from an IPSOS poll completed in May of this year. The survey shows that a much larger percentage of the population, even those who are decades away from retirement, project that they will have a hard time saving enough to live on comfortably. To respond to this concern, a strategy to establish guaranteed income streams for life is necessary.
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