Life Insurance Quotes

Study says seven out of 10 older Americans are prepared for retirement

07/29/11

According to a recent article published on MarketWatch, the retirement crisis faced by Americans has been overstated. A new study published by the National Bureau of Economic Research shows that seven out of 10 U.S. citizens between the ages of 66 and 69 are well-prepared for retirement.

The study reports that there's a good chance seven out of 10 older Americans will be able to afford their current standard of living throughout their golden years, even taking into account financial burdens like tax raises, healthcare costs or the death of a spouse.

The study warns that it's not as simple as stating 70 percent of older Americans will be financially sound throughout retirement. There are variations to consider, such as the fact that 89 percent of those ready for retirement are college-educated and 80 percent are married. The study estimates that only 55 percent of single persons are adequately prepared for retirement.

Those interested in planning for their financial future in retirement may want to look into the benefits of annuities. These accounts allow you to contribute funds that earn tax-deferred interest, have flexible payment options such as lump sum or periodic distributions and proceeds from annuities pass directly to beneficiaries. 

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