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Americans unable to translate their retirement accounts into income

07/07/11


While individuals will need income replacement projections later in life, many are unable to translate their 401(k) savings into a steady retirement income, according to research from J.P. Morgan.

The company recently found that the majority of Americans have no idea how to make their finances last throughout their lives. Only 40 percent of the survey participants felt comfortable they will be able to reach their goals in their golden years.

An investment option that people may want to consider is an annuity. Annuities will guarantee a certain payout for the remainder of an investor's life, possibly limiting their financial concerns in retirement.

Americans are also underestimating how much money they will need later in life. Not planning for taxes, a reduction in Social Security benefits, and increasing healthcare costs may financially ruin an individual if they are not properly prepared.


"On the positive side, some 91 percent of participants agreed that they were personally responsible for their own financial futures," says Diane Gallagher, vice president, product development, J.P. Morgan Retirement Plan Services. "However, there's still a significant gap between acknowledging responsibility and acting upon it." 

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