Milwaukee, WI (PRWEB) April 10, 2011
April is National Financial Literacy Month and National Retirement Planning Week is April 11-15. A new website at http://www.FixedAnnuityFacts.org offers factual information to help individuals better understand fixed annuities and provides access to retirement savings information and tools.
Retirement is changing in America. Dwindling are the days of the healthy company pension plans. A new website (http://www.FixedAnnuityFacts.org) offers factual information to help individuals understand fixed annuities, a lesser known insurance product designed to help Americans create a secure retirement – a characteristic that is perhaps more important than ever before as approximately 7,000 of Baby Boomer Americans turn 65 each day for the next 19 years and face their retirement situation.
The site was launched in time to highlight important retirement saving information. April is National Financial Literacy Month and National Retirement Planning Week is April 11-15. Content includes insightful articles about popular topics like “Retiring in the 21st Century: What It Takes,” answers to frequently asked questions like “Why are there so many different kinds of annuities?” as well as financial calculators and more. The media can get up to speed with industry information and resources for news articles.
“Consumers need easy-to-understand information about annuities that sticks to the facts,” said Kim O’Brien, executive director of the National Association for Fixed Annuities (NAFA) – the non-profit organization that created the site. People don’t always know these products exist because they are only offered by insurance companies.
Research shows that nearly seven out of 10 Baby Boomers within five years of retirement, and nearly eight out of 10 of Baby Boomers outside of that window, stated that they are concerned about having adequate income during retirement. Also, 63 percent of today’s retirees are counting on pension plan payments to cover their living expenses, but only 21 percent of today’s workers are covered by a traditional pension plan, and the percentage is dropping every year .
Fixed annuities are important for retirees to understand since they are the only financial products that allow individuals to accumulate retirement savings, protect those savings from market losses, and turn those savings into a guaranteed income for life. Fixed annuities are specifically designed to protect and grow those retirement savings dollars and ultimately convert them into a steady stream of income.
“Unfortunately, as millions of Baby Boomers begin to march toward the next chapter of their lives, many are uncertain whether they will have enough money to retire, while many know that they simply have not saved enough, said Kim O’Brien, executive director of the National Association for Fixed Annuities. “By increasing consumer awareness surrounding comprehensive retirement planning and preparedness, we have the opportunity to stem this rising tide of anxiety. A financially secure future is still attainable for the millions of Americans planning for and nearing retirement.”
1 Insured Retirement Institute (IRI)
2 Financial Industry Regulatory Authority (FINRA) Investor Education Foundation
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