Savings Accounts and Money Market Rates provided by 31 May 2011
The idea of a “bucket list” gained some cultural traction in recent years, but according to research from LIMRA, just 40 percent of workers have such a list for their retired years.
This research seems to indicate that many current pre-retirees havent thought that much about what theyll do once they finally leave the workforce – or how theyll pay for those years. Given the financial turmoil of recent years, the toll that the mortgage crisis took on the retirement accounts and home values of many Americans and the uncertainty of the employment situation, this is not entirely surprising.
“LIMRAs research indicates that less than a third of pre-retirees within three years of retirement have a written retirement plan,” said Paul Henry, managing director of LIMRA retirement products. “What we hear from pre-retirees is that the idea of planning for retirement seems complicated and overwhelming, and advisors have told us that their clients often are unprepared to begin the process of retirement planning.”
To help pre-retirees begin planning, LIMRA has rolled out a web-based utility called Ready-2-Retire, which aids in the identification, planning and achievement of both personal and financial priorities.
Over the past 50 years, life expectancy in the United States rose from just under 70 years to nearly 79, though healthcare costs have grown apace. Still, Americans on average need to plan a little less than the citizens of fellow members of the Organization for Economic Co-operation and Development (OECD) – the country with the highest average lifespan is Japan, at a whopping 82.7 years.
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