Global Atlantic Financial Group is using new survey data to plant an idea: retiring with an annuity could be a lot more fun than retiring without an annuity.
The New York-based life and annuity issuer commissioned a survey of 4,223 U.S. residents ages 40 and older. Some were retired and some weren’t.
Global Atlantic asked questions designed to reveal the differences between the retirees with annuities and the retirees without annuities, and between all of the retirees in the sample and all of the non-retirees.
Typical retirees in the sample had no annuities.
The retirees who do have annuities are spending an average of $2,545 per month.
The retirees without annuities are spending an average of just $1,850 per month.
When Global Atlantic compared all of the retirees in the sample with the pre-retirees, in terms of spending on fun activities, the company found that the retirees are spending an average of:
- 18% less on travel.
- 24% less on restaurants.
- 29% less on entertainment.
About 55% of the retirees said they had retirement planning regrets, and 36% of those retirees said they had not saved enough, according to Global Atlantic.
— Read Global Atlantic Joins Envestnet Insurance Exchange, on ThinkAdvisor.