While virtually everyone plans on retiring at some point in their life, a significant number of individuals have not implemented plans as to how they will support themselves when that time comes.
According to a new survey conducted by LIMRA, 40 percent of respondents said they haven't put any money away towards financing their retirement.
"These findings are alarming," said Matthew Drinkwater, associate managing director of retirement research at LIMRA. "Our research indicates that fewer future retirees will have pensions to pay for their living expenses and more will be relying on their personal savings to fund their retirement. Without a significant change in savings behavior, many Americans will not have enough money to afford to retire."
What makes matters worse, he added, is that nearly 60 percent of individuals who retire do so more quickly than they had originally anticipated, forcing individuals to make significant lifestyle changes to finance their cost of living.
When out insurance prospecting, agents should inform leads about the value of investing in an annuity, as it's a guaranteed form of income that retirees can rely on.