The sad fact is that more than half of Americans fail to prepare for retirement. They don’t save enough, and end up almost entirely dependent upon Social Security after retirement.
Then they spend through their savings and have nothing left, living on just a fixed income.
It’s a rough situation. You see it all the time – seniors who need to go back to work while in their 70’s, just to make ends meet.
The good news is that there are resources to help Americans create and protect their retirement funds.
Step #1 is awareness.
In 2010, the National Association for Fixed Annuities (NAFA) designated June as National Annuity Awareness Month (NAAM) to help educate Americans on the important role of annuities as part of a secure retirement savings plan. In 2014, with a common desire to serve consumers by helping them understand annuity products, NAFA and several other industry associations came together to establish the Coalition for Annuity Awareness.
Creating National Annuity Awareness Month started the conversation. But that’s all it did. Annuities and retirement remained confusing, and the average American still didn’t have an unbiased source to turn to.
That’s where AnnuRetirement came into the picture.
In 2015, the Coalition for Annuity Awareness launched AnnuRetirement, an impartial, informative website consisting of positive and accurate messages regarding the features and benefits of annuities available free to the public. As the official home of NAAM, this website serves as a foundation for the event’s mission.
Now, American consumers have an impartial, informative website that’s available for free. Educate yourself, so that when you speak with financial companies and agents, you understand what’s happening.
Why is this important?
It’s easy to run out of money in retirement. Especially when 51% of Americans have less than $50,000 in retirement savings at the time of retirement.
Currently, there is approximately $430 billion of in-force premium serving roughly 4.2 million Americans. More than nine in 10 consumers believe guaranteed lifetime income is an appealing characteristic of annuities and 72 percent of retirees receiving income from an annuity were satisfied with their investment. In 2017, life insurance companies paid $82 billion in annuity benefit payments providing crucial retirement security to contract holders. In addition, more than 90 million Americans rely on annuities and other insurance products for financial and retirement security, and nearly 16 percent of Americans’ long-term savings is in life insurance and annuities.
 It’s All About Income: Inaugural Study on the American Retirement Experience, Insured Retirement Institute, 2016
 The Language of Retirement: Advisor and Consumer Attitudes Toward Income in Retirement, Insured Retirement Institute and Jackson, 2017
 Life Insurers and Your State, The American Council of Life Insurers (ACLI), 2018
Image Source: Employee Benefit Research Institute 2019 Retirement Confidence Survey, issued April 2019.