With modern medicine and better nutrition, people are living longer today than ever before. As life spans increase, so does the cost of securing a comfortable retirement.
At the same time, traditional sources of guaranteed retirement income, such as pensions and Social Security, are becoming less meaningful for future retirees. As a result, Americans not only are responsible for accumulating substantial retirement nest eggs but, increasingly, for turning those savings into income that lasts a lifetime.
To succeed, many Americans will need to learn more about saving for and managing money in retirement. For example, a recent New York Life study found that only 10% of those surveyed could name a safe annual retirement savings withdrawal rate – a rate at which you can spend your nest egg with reasonable certainty that you won’t deplete your savings.
New York Life is committed to helping Americans establish a sustainable lifetime income stream. That’s why we have launched a research-based education initiative, Guarantees MatterSM, to assist Americans in identifying and addressing the unique income concerns and needs of retirement, both today and for the future.
Earlier this year, we talked to more than 1,000 Americans to learn about their knowledge, attitudes and behaviors regarding retirement income1. The research identified some key impediments to achieving a financially secure retirement – and points to solutions that can help Americans realize the retirement of their dreams.
1 The consumer data was gathered through a telephone survey conducted by the premier research firm Mathew Greenwald & Associates, Inc. for New York Life. Interviews were conducted between February 9 and March 9, 2006. Survey participants were at least 41 years of age, solely or jointly responsible for financial and investment decisions in their households, and had at least $100,000 in investable assets. The sample was evenly split between retirees and pre-retirees and between men and women.
Material discussed is meant for general illustration and/or informational purposes only. Please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual professional guidance.
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