Annuities

If you’ve ever worried about outliving your retirement savings, you’re not alone.

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A 2021 study indicated that more than two-thirds of Americans (67%) say the United States is facing a retirement crisis and an almost identical percentage (68%) say workers can’t save enough on their own to achieve retirement security. According to that same study, more than half (54%) would be willing to sacrifice some savings to purchase guaranteed monthly include for as long as they live.1

Wild market swings like those we saw during the first half of 2022 also can push people away from stocks and toward steadier income options. In fact, according to Limra, an insurance industry group, 2022 annuity sales were projected to hit $267 to $288 billion, eclipsing the record of $265 billion set in 2008.2

If you’re concerned about market risk or seeking investment stability, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed.

1 National Institute on Retirement Security. February 2021. "Retirement Insecurity 2021: Americans' Views of Retirement." https://www.nirsonline.org/wp-content/uploads/2021/02/FINAL-Retirement-Insecurity-2021-.pdf. Accessed Aug. 15, 2022.

2 Greg Iacurci. CNBC. June 9, 2022. “Annuity sales rise, buoyed by market fears and higher interest rates. What to know before you buy.” https://www.cnbc.com/2022/06/09/annuity-sales-buoyed-by-fear-higher-rates-what-to-know-before-buying.html. Accessed Aug. 15, 2022.

 

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