People are changing how they prepare for retirement. Here’s why.

By Susann Breazele

The avenues our parents and grandparents took to build retirement security are not the same ones we take today. During your working years, retirement can feel far off, and goals like saving for a house or education can feel more immediate. In today’s world, understanding your retirement options early is key to building the financial future you want.

What’s Changed?

America’s population is aging. 30.4 million Americans will turn 65 between 2024 and 2030 (Alliance for Lifetime Income). This surge of retirement-age workers emphasizes the urgent need for solutions that will ensure long-term financial certainty.

Confidence in Social Security is different. In an ever-changing economy, people find it difficult to rely solely on Social Security to fund their retirement. 73% of workers are concerned that Social Security will not be there for them when they are ready to retire (Transamerica).

Priorities are changing. Traditional pensions sponsored by employers are becoming increasingly rare, with only 15% of all private industry employees having access to a defined benefit plan in 2024. Most workers are tasked with exploring different tools for lasting financial security. In fact, only one in five people in the middle class are very confident in their ability to fully retire or maintain a comfortable lifestyle throughout their retirement (TCRS & Transamerica).

What’s Next?

Annuities are growing in popularity. Annuities empower people to create their own stream of guaranteed lifetime income that will remain consistent and supplement retirement options like 401(k)s and IRAs that can be affected by changing markets. Virginia resident Lisha H. details how her parents’ annuity brought financial stability during hard times:

“My parents bought an annuity to provide guaranteed lifetime income. That peace of mind the policy brings is immense. My father passed away in 2021, and my mother moved into an assisted living facility. Her retirement, Social Security, along with that annuity covers the full amount of her monthly rent. She does not have to worry about outliving her savings.”

If annuities have helped you build financial security, like they did for Lisha’s family, consider sharing your story here to help protect this valuable option for all Americans.

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