Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.
One-Third of Americans Stopped Retirement Savings at Least Once
One-third of Americans say they have ceased saving for retirement at least once, the Indexed Annuity Leadership Council found in an online survey of 1,000 adults. Fifty-six percent say their primary retirement savings goal is to have enough money so that they will not outlive their savings.
Fifty percent say what they will miss the most
when they retire is having a steady paycheck, but nearly 50% of Boomers do not
know that there are products, such as a fixed indexed annuity, that can provide
this security. More than 25% of Americans of all ages say that what they will
miss the most when they retire is health insurance, which the Council estimates
will cost a retiree $250,000.
The survey also found that 94% of Americans think they should get a passing
grade in financial literacy. “It is worrisome that so many Americans are
confident in their financial literacy but fail to execute the basics of
retirement saving,” says Jim Poolman, executive director of the Indexed Annuity
Leadership Council. “Struggling to save for retirement or sifting through
different financial products can feel like a big hurdle, especially for those
close to retirement. To ensure you have enough money to last through your
golden years, the first step is to make a plan and then consistently save.”
You Might Also Like:
![](https://si-interactive.s3.amazonaws.com/prod/planadviser-com/wp-content/uploads/2024/06/24092449/PA-062424-DC-Investment-Focus-Areas-1500874990-web-432x243.jpg)
Capital Group Names Top Focus Areas for DC Investment Consultants
![Art by Kiki Ljung](https://si-interactive.s3.amazonaws.com/prod/planadviser-com/wp-content/uploads/2024/04/02135909/PAQ2_24-ID2_Participants-Referrals-Kiki-Ljung-web-1-432x243.png)
Financial Wellness Moves From “Nice to Have” to Table Stakes
![](https://si-interactive.s3.amazonaws.com/prod/planadviser-com/wp-content/uploads/2024/03/27160637/PAPS-032724-Ascensus-Buys-Recordkeeper-1140703102-web-432x243.jpg)