Since the global financial crisis of 2007/2008 there has been much academic debate about how Americans will retire and the repercussions that certain modifications in retirement planning will have on the industry and the country as a whole.
It seems the financial crisis and the havoc it wreaked on peoples’ retirement savings across the country was the type of seminal event that prompts introspection and retrospection by individuals and professionals alike; placing retirement — and the industry that facilitates the process — under a microscope, scouring for competencies and inefficiencies.
Different stages, different attitudes
Ninety percent of retirees said that their current lifestyle is very or somewhat close to their ideal vision of retirement, according to the ING Retirement Research Institute’s 2013 Retirement Experience study.
Overarching fear of outliving assets
The biggest concern among pre retirees and retirees alike is the longevity crisis (the potential for people to outlive their assets).
The misunderstood solution
Many industry professionals, including Ross Goldstein, managing director with the investment group of New York Life Insurance, feel that various types of annuity products are the best way for pre retirees and retirees to ensure that they do not outlive their assets.