Agents who sell annuities and life insurance policies are giving individuals the tools they need to take control of their financial future. But according to a new study, many Americans are unclear about the best way in which to implement those tools.
The survey, conducted by the Guardian Life Insurance Company of America, found that while more than 90 percent of respondents said they were confident their financial future was on the right track, approximately 40 percent said they weren't sure about how best to prepare for retirement. This was particularly the case among Generation X and Y, as 52 percent of these younger Americans said as much.
Michael Ferik, senior vice president of individual life at Guardian, said there need to be more avenues people can use to learn about financial strategies.
"The survey results clearly indicate a national need for comprehensive, lifelong financial education to equip the public with the guidance and tools they need to build a sound strategy for financial security, from young adulthood to retirement, in turbulent times and calmer cycles alike," said Ferik.
Because financial circumstances vary, it's important for insurance agents to tailor retirement savings so their client-specific and geared for their personal situation.