Baby Boomers Have Less Than $100K Saved For Retirement

Paul K. Dunn
May 5, 2017
1 min read

"A 2016 survey from financial services company PWC showed that 50% of baby boomers had less than $100,000 saved for retirement last year. Unfortunately for baby boomers, their time to save and invest is running out." @forbes

But there is hope! Putting that $100,000 or more into an Annuity, will ensure that you will have a cash flow asset for the rest of your life.

What is an 'Annuity' you ask?

An annuity is a contractual financial product, that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time. The period of time when an annuity is being funded and before payouts begin, is referred to as the 'accumulation phase'. Once payments commence, the contract is in the annuitization phase.

Annuities were designed to be a reliable means of securing a steady cash flow for an individual during their retirement years and to alleviate fears of longevity risk or outliving one's assets.

Annuities can also be created to turn a substantial lump sum into a steady cash flow, such as for winners of large cash settlements from a lawsuit or from winning the lottery.

*Annuitization is the process of converting an annuity investment into a series of periodic income payments. Annuities may be annuitized for a specific period of time or for the life of the annuitant.

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