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Americans ready to take on retirement responsibilities

07/14/11


The economic crash had a devastating effect on many Americans' retirement plans, but many people have come out on the other side with a positive and proactive attitude. The SunAmerica Retirement Re-Set study found that people understand that they are living longer and may have to work longer and spend money on life insurance and contribute to savings plans longer.

One main finding of the study is the fact that Americans now feel that financial peace of mind is six times more important than accumulating wealth. A whopping 82 percent of those surveyed named this as their key financial goal.

Insurance experts believe this is a major shift from a decade ago. People are less concerned with simply accumulating money and are more focused on protecting their families and their assets. Investing in long-term payout securities such as annuities and whole life insurance plans may be seen as a more appealing option than in years past.

"They're thinking about retirement as a new chapter in their lives, not a winding down," said Mary Jane Fortin, CEO of American General Life Insurance. "It's a period of reinvention and exploring. As advisors, we should be asking what does that mean exactly and what are the financial expectations that go along with that." 

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