Life Insurance Quotes

Survey: Fidelity Investments finds that many Americans have no idea how their pensions work

07/29/11

While pensions are quickly becoming a thing of the past, more than 42 million Americans still have this retirement financial option. The only problem is 71 percent of those surveyed said they did not have detailed knowledge of how their plans work, but more than half of those respondents said they are planning on using these funds to help pay for retirement.

While Fidelity provides services to more than 4 million pension plan participants they are able to find a decent subsection of the population to represent the majority of Americans. Of the 500 individuals surveyed, 31 percent do not know their vesting schedule, 40 percent have no idea how they will receive their payments once they stop working and 27 percent are unaware of when they will be able to receive payments.

Investing in an additional retirement plan such as annuity may help provide additional income to people in retirement to offset any confusion that may be discovered too late.

"Our research highlights an opportunity for companies to better educate their employees about the value of employer-sponsored pension plans," said Wendy Foster, senior vice president in Fidelity's defined benefit business. 

Talk to an Advisor

A licensed insurance advisor can explain your options and help you choose the right life insurance for your needs.

Call: 1-800-823-4852

Chat: Live Advisor Chat

Sm

A few of the carriers we quote