In a recent survey about retirement risks, only one in three baby boomers expected to have sufficient income to last through retirement.
Even those with a source of lifetime income were worried, with 56% expressing concern or extreme concern about outliving their savings.
Annexus, which designs fixed indexed annuities, life insurance and other index-based wealth management products, commissioned research and advisory firm Forrester to poll Americans aged 50 to 70 on their most pressing financial concerns, the steps they had taken to prepare for retirement and the value they place on working with a financial advisor.
“We’ve seen a massive shift in the retirement landscape that has forced baby boomers to become largely self-reliant in building and protecting their retirement assets,” Annexus co-founder Don Dady said in a statement.
“Boomers are living longer, and their savings need to fund a retirement that could last 20–30 years or more and factor in rising health care costs, taxes and inflation.”
Eighty-five percent of survey respondents, regardless of retirement savings and income level, said it was important or extremely important to have another source of dependable income besides Social Security.
However, 44% did not know which investment was best suited to provide such income.