Retirees who own annuities may be better off in many ways than retirees with no annuities.
Analysts at LIMRA, an insurance industry market research consortium, have published data supporting that possibility in a new look at results from a survey conducted in late 2016.
(Related: Michael Doughty to Lead LIMRA’s Parent)
All of the survey results included were from 2,025 U.S. retirees ages 55 to 79 who had been retired for at least one year; had not worked for pay within the past year; and had at least $35,000 in household income.
What Your Peers Are Reading
A copy of the analysis is available here.
The analysts found that:
1. Annuity owners had more live-human support.
About 56% reported having a financial advisor, compared with just 28% of the non-annuity owners.
2. Annuity owners were more likely to have a formal retirement plan.