Retirement readiness top concern for many

Posted on: Monday, July 30, 2012

A new study suggests agents may have an increasing supply of life insurance leads to work from, as a considerable percentage of consumers are worried about their financial situation when it comes to retirement.

According to a poll carried out by global management and consulting firm Accenture, 82 percent of respondents said they were concerned about how much money they would have to live off of in retirement. In addition, nearly 90 percent said it was important for them to start saving now so that they could have the resources they needed later.

Yet despite consumers recognizing their need to prepare now for the future, few noted they had the financial backing they would need. Just 16 percent said they were confident in their current level of savings. Meanwhile, two-thirds of respondents weren't even sure how much they would need to save to be considered sufficiently ready.

"The strong common global concerns about post-retirement financial security are alarming," said Mark Halverson, managing director for Accenture's Financial Services Group. "These findings reveal a major unmet demand for retirement planning that industry professionals can help address."

He added that financial advisors and insurance professionals can help retirees better prepare for the future if they package these products and services appropriately.

Posted In: Insurance News, Life Insurance

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