The survey of more than 900 investors, conducted between May and July, spanned the age range of 45 to 80.
social security anxiety
According to a recent National Retirement Association survey conducted by Harris, most Americans are worried about running out of Social Security.
A poll found that 70% of respondents were worried the program would run out of money, and 33% of those not yet enrolled in Social Security thought they would never receive the money. There is
Financial concerns have increased over the past year, with 66% of respondents worried about their retirement income, a 10 percentage point increase from the previous year’s results. Part of her anxiety is due to misunderstandings about Social Security, as two-thirds of respondents were unaware that entitlements were linked to higher costs of living.
According to a Nationwide report, “Financial professionals are providing direct solutions to help customers demystify social security misconceptions, ease fears, and keep them on track toward their long-term retirement goals.” I have an opportunity.”
The research found significant gaps in knowledge, including:
- Only 7% correctly identified all the factors that determine the maximum social security benefit.
- Nearly half (49%) are unaware or unsure what percentage of their income will be replaced by Social Security after retirement. More than two of her five (44%) without Social Security have no idea what their monthly payments will be.
- Only 13% of adults correctly guessed their full retirement age based on their year of birth.
- Nearly half (49%) believe that if they apply early, their benefits will automatically increase when they reach full retirement age.
The survey will survey 1,853 U.S. adults aged 26 and over, including 674 Millennials, 576 Gen Xers, and 603 Boomers, from April 25 to May 23, 2022 (National sample) was carried out.
why they buy
A LIMRA study found that the most important factor in buying an annuity was having access to the value of the account, which is the additional benefit paid, as well as the guaranteed income. Interest rates or expected returns and pension entitlement, the next top factors, were far apart in second and her third.
Most annuity buyers are happy with their purchase and would recommend it to others, especially younger ones. Of the 45-54, 84% would be very likely to recommend an annuity.
Focusing on lifetime earnings seems to be becoming more and more important given the uncertainty about social security and the economy in general.
According to the LIMRA report, “Income-generating features are the most important attributes in deferred annuity purchasing decisions, so financial professionals should emphasize these in their meetings with clients and prospects.” “Financial professionals can also leverage existing pension owners to promote the value of deferred annuities. and can lead to referrals.”
Steven A. Morelli is a contributing editor for InsuranceNewsNet. He has over 25 years of experience as a journalist and editor for newspapers and magazines. He was also Vice President of Communications for the Association of Insurance Agents.can reach steve [email protected]
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