I remember seeing a TV commercial a few year back, sponsored by a big Insurance Co. The slogan was; "Retirement Isn't The Finish line - It's The Start Of a New Lifestyle". The Big concern and question today is however, What kind of "NEW" Lifestyle are you talking about!?
Mathews Realty Group
Retirement Advisor/Investment Services
Seniors fear public policy will derail retirement plans
More than half of retirees responding to a LIMRA survey say changes to Medicare, Social Security programs and increased taxes will affect their ability to afford retirement.
More than 85 percent rely on Social Security and three-quarters benefit from a traditional pension plan for their income, according to LIMRA's research. Forty-four percent of retirees listed investments and taxable savings as an income source; 35 percent an annuity (8 of 10 have a deferred annuity); and about a fourth mention employee earnings, defined contribution plans and IRAs funding their retirement income. More than half of their income is used to pay for basic living expenses.
The study also found that less than half of retirees worked with a paid professional advisor to make investment decisions and only 22 percent had a formal written plan [See related: Retirement advisors ignoring middle-income Americans]. Prior LIMRA research has discovered that retirees who have a formal written plan are far more confident in their financial well being than those who don’t.
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