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Baby Boomers And Annuities

  • Nearly 70% of boomers believe annuities can provide a reliable savings source for income in retirement
  • Nearly 70% expect to maintain their current lifestyles in retirement.
  • 46% say they do not know enough about annuities to decide whether or not they are a good investment.
  • 42% say they are intimidated by annuities.
  • 20% think annuities are for wealthy people.
  • More than 60% will rely on restricted investment vehicles such as 401(k) plans, Keogh plans or pensions to fund their retirements.
  • Fewer than 20% will rely heavily on stocks and bonds to fund their retirements.
  • Among women boomers, almost 60% agree with the statement, “Protecting my retirement savings from loss is important, but I also want to be able to grow my savings,” compared to 40% of men who agree.

Source: ING US Financial Services/Roper Public Affairs