Nearly half of retirees unaware of their assets

Posted on: Monday, November 28, 2011
A new study finds that while individuals are doing more to secure their financial future, there's plenty of room for improvement.

In its report "The Financial Recovery for Retirees Continues," LIMRA found that retirees have been paying down their debt, as 46 percent of respondents said they had no debt obligations in 2011 compared to 38 percent who said the same thing in 2009. However, the survey also found that an increased number of retirees were not aware of how long their assets would last in retirement. Forth-six percent said they weren't certain about this compared to 38 percent who were unaware in 2008.

"This research emphasizes the importance of retirees educating themselves on how to successfully plan for their retirement years, while understanding the value of partnering with a trusted financial advisor for guidance," said Betty Meredith, director of education and research for the International Foundation for Retirement Education, which partnered with LIMRA in conducting the study.

This study not only informs retirees about what they can do to improve their financial security but it's beneficial for insurance agents as well, as it details what they need to focus on when consulting with insurance leads.
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