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Recent study shows that the American Dream has changed

07/26/11

A recent study conducted by the National Endowment for Financial Education (NEFE) found that the American Dream has changed. Instead of owning a home in the suburbs upon retirement, many Americans simply hope that they will have enough money to retire in the first place.

Nearly half of the surveyed group indicated that their top financial goal was having enough money to retire. Only 17 percent stated that owning a home was their top financial goal. The study also found a significant difference between men and women's answers when asked if they felt they were already achieving the American Dream. Sixty-two percent of men agreed with the statement, compared to 53 percent of women.

More than two-thirds, roughly 70 percent, of respondents said that the most significant obstacle to achieving their version of the American Dream was their inability to save. Fifty-four percent also agreed that managing debt was a significant impediment. According to The Street, these two statistics show the unstable situation many people find themselves in by living from paycheck to paycheck.

An annuity is a good option to consider to increase savings. In the first quarter of 2011, LIMRA International reports that roughly $60 billion worth of annuities were sold, compared to $51.5 billion in the first quarter of 2010.

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