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Data & Research January 5, 2011
Few Purchase Annuities as Retirement Nest Egg Hedge
A third of those responding to a new survey worry about outliving
their retirement nest egg, but only one in five plan to buy an annuity
or other guaranteed income product.
Reported by Fred Schneyer
A news release from the Society of Actuaries (SOA), which sponsored the poll, said 48% of respondents ages 45 to 70 have a financial plan in place to help guard against running out of money in retirement and pay for retirement health care.
Seventy-one percent said they plan to claim Society Security benefits before they reach 70 years old, the release said.
Three-quarters (75%) of respondents ages 45-70 protect their tangible assets, such as housing, through home or renter’s insurance; however, only 19% plan to insure the extra costs of disability and well-being by purchasing long-term care insurance.
The findings are based on a nationally representative online survey of 1,006 individuals, ages 45-70. More information about the SOA is at www.soa.org.