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New MetLife study examines retirement expectations

10/12/11

The recently released MetLife Retirement Income IQ Study finds that an increased awareness on the importance of longevity does not necessarily involve matched knowledge of income and expenses that go with old age and retirement.

Of the 1,213 baby boomers age 56 to 65 who were surveyed, the majority answered only five of 15 questions correctly leaving much to be desired on how much they actually know about what kind of financial assets are needed for a comfortable retirement.

"Everyone knows they're likely to live longer, but most don't realize that can mean living past age 85 and they fail to calculate how much money they will need for a steady and lasting income," said Sandra Timmermann, director of the MetLife Mature Market Institute.

Of those surveyed, 45 percent said they are likely to work longer than they previously planned in order to stay financially comfortable.

When it comes to preparing for retirement, an annuity can be a smart investment if used properly. An annuity is an investment that is paid into over time until a set date called annuitization when the proceeds are paid out and can be used toward retirement or go into another investment. Those looking to invest in an annuity will want to consult a financial professional first.

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