Despite modest growths in the stock market since the recession, many baby boomers are reporting they feel less confident that they will have enough money to last through retirement. Are you in this category? Since only 27% of boomers feel they will have enough money, it would not be surprising if you are part of the other 73%.
What makes the 27% so confident? Do they have more money in general? Probably not. Are they the type that worry less? No. Are they less educated about how much money they need? Not likely.
As it turns out, boomers that are more confident in their retirement plans have likely purchased retirement-specific financial products. But it is not just the products that give greater confidence, it is also the process that goes into choosing and obtaining them—consulting financial professionals, doing the hard math to calculate exactly what is needed in retirement, and saving money.
So what if you are bad at math, have not saved too much, and do not have a the right financial professional? Fear not. Retirement products like annuities can provide you with a guaranteed retirement income while protecting your principal (the amount of money you put in to buy these insurance products).
In fact, annuity owners report being 47% more confident they will have enough money to last until death, compared to 20% that do not own annuities. 53% of annuity-owners report that they believe they will retire more comfortably than their parents!
If you are not in the happy and confident majority of retirees, it is time to take control of your financial future. Contact Everest Wealth Management today to learn if annuities are right for you.