You’re probably wrong about how you’ll pay for retirement

Think your investments will carry you through retirement? New research says that’s not the reality for the majority of workers in their pre-retirement years.

In a recent survey of Americans aged 40 to 85 with at least $100,000 in household investable assets, the Life Insurance Marketing and Research Association found that fewer and fewer respondents are confident about their future retirement income. What’s more, when it comes to income sources, workers have very different expectations for funding their futures compared to where retirees get their money today.

What the data says

• LIMRA says workers don’t expect to receive enough retirement income from their investment plans. Fewer than half (44%) of pre-retirees anticipate that Social Security payments, pensions and lifetime-guaranteed annuities will cover their basic cost of living.
• Data shows that current retirees get most of their retirement funding from Social Security, pensions and personal savings.

 

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