Filed Under:Life Insurance, Life Planning Strategies

ING survey points to greater focus on income planning

Working with a financial advisor greatly increases the odds that individuals will calculate their future retirement income stream based on current savings.
Working with a financial advisor greatly increases the odds that individuals will calculate their future retirement income stream based on current savings.

Eight in 10 working-age Americans are prepared to give up spending today to secure their financial future, but nearly four in ten believe they will run out of retirement savings, according to new research.

These are among the key findings of an ING U.S. “Retirement Income Redefined” survey, released during a July 23 webcast hosted by ING U.S. executives. The phone-based survey, conducted by ORC International in June, polled 850 men and women who are 30 years of age or older.

The latter strategy, the study notes, is most important among those with children under age 18 in the household (24 percent vs. 16 percent); and those who do not work with a financial advisor (20 percent vs. 12 percent) compared to all respondents.

In reference to the study’s finding that Americans are willing to trade current for future income, Linton noted that retirement income planning should accommodate basic needs and “household shocks” (such as emergency healthcare expenses), as well as “wants” (the desired lifestyle in retirement) and “wishes” (planned legacy gifts to people and causes).

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Nichole Morford

Nichole Morford
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