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 New York Life study in 2006 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.
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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