News Resources for Seniors

New retirees heading into golden years with open minds

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The number of Americans who feel they will have enough money to generate a retirement income that is sufficient enough to support their lifestyle is trending downwards. As a result, people are becoming more open to the idea of retirement income products, according to a recent study by Cogent Research.

"Boomers are far less likely than their older counterparts to have a pension to rely upon in retirement. That leaves many pre-retirees searching for products, strategies, and frankly, compromises that can help render the peace of mind pensions have traditionally offered," said Cogent principal John Meunier.

Some experts believe that annuities may soon be the retirement option of choice, according to Bankrate.com. These investments can work similar to a defined benefit pension plan, ensuring investors receive a specific amount of money for the rest of their lives.

The one major problem with annuities is that people are skeptical about taking their guaranteed 401(k) funds and placing them into an account someone else controls, the media outlet reports. Depending on a financial institution to repay an investment may leave many retirees skeptical about the process.  

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