CHICAGO (March 3, 2011) – Middle-income Americans most confident in their retirement savings attribute their sense of security to working with a professional advisor, having a variety of retirement income streams, and planning and saving carefully, according to a study released by the Bankers Life and Casualty Company Center for a Secure RetirementSM (CSR).
The CSR’s Middle-Income Retirement Preparedness study found that most respondents credit their confidence to financial strategies, with 28 percent acknowledging their professional advisor’s recommendations and investments and 26 percent crediting a diversified approach to generating retirement income. Others credited more lifestyle-oriented approaches such as living simply (18 percent) and avoiding debt (11 percent).
“Not outliving your savings is the goal for any retirement plan, and there are many different strategies that you can use to achieve that goal,” said Scott Perry, president of Bankers Life and Casualty Company, a national life and health insurer. “Taking a realistic look at how much money you might need to live comfortably in retirement is a good place to start.”
Those who feel confident in their retirement were in the minority according to the study. Nearly two in three (63 percent) of retirees and pre-retirees said they lacked confidence in their retirement security. A weak economy and general uncertainty about the future were cited as the two top concerns contributing to that uneasiness.
The level of financial security can influence the timing of retirement. Some people plan to continue working because they enjoy it, but many others continue because they’re not financially able to do so. Of those surveyed who were not already retired, one-quarter (23 percent) indicated that they don’t ever plan to retire.
The Bankers Life and Casualty Company Center for a Secure Retirement Middle-Income Retirement Preparedness Study was conducted in August of 2010 by the independent research firm The Blackstone Group. The complete report may be viewed at www.CenterForASecureRetirement.com
About the Center for a Secure Retirement
The Bankers Life and Casualty Company Center for a Secure Retirement is the company’s research and consumer education program. Its studies and consumer awareness campaigns provide insight and practical advice for how everyday Americans can achieve financial security during retirement.
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the insurance needs of the retirement market. The nationwide company, a subsidiary of CNO Financial Group, Inc., offers a broad portfolio of life and health insurance retirement products designed especially for seniors. Visit us online at www.bankers.com.