Non-qualified annuities offer considerable retirement security for middle-class Americans, a new survey suggests.
Non-qualified annuity owners show great assurance in their financial future despite the current recession and market downturns, finds the survey of more than 1,000 annuity owners nationwide conducted by the Gallup Organization and Mathew Greenwald & Associates for the Committee of Annuity Insurers, Washington.
A nonqualified annuity is not part of an employer provided retirement program, and contributions to such annuities are not income-tax deductible.
Among the survey’s findings:
–80% of annuity owners have annual household incomes below $100,000. Only 4% have annual incomes greater than $200,000, and 42% have annual incomes below $50,000.
–Over 90% of annuity owners believe they have done a very good job of saving for retirement. They also think their annuities contribute to a great extent to this preparedness.