Life Insurance Quotes

Americans feel unprepared for life after retirement

10/14/11

According to a new study by the Massachusetts Mutual Life Insurance Company’s State of the Family series, only three in 10 Americans feel they are adequately preparing themselves for life after retirement.

The study also showed that despite parents’ desire to pay for their children’s college expenses and live comfortably after retirement, many think they won’t have the resources to afford these costs, and others are unsure how much they need to save.

"The State of the American Family research platform helps foster a deep understanding of today's diverse families, trends that may shape them in the coming decade and factors that affect their dynamics and interactions on matters financial and otherwise,” said John Chandler, senior vice president and chief marketing officer at MassMutual.

Research for this study was conducted by MassMutual and Forbes. It included more than 1,000 participants who ranged from ages 30 to 64 with household incomes of $100,000 or more. According to LIMRA, an industry-sponsored group, only 44 percent of households have an individual life insurance policy, while 30 percent have no individual or employer-provided life insurance.

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