4 in 10 baby boomers report having no savings for retirement.
To help educate people about the need for retirement planning, the National Retirement Planning Week 2016, April 11- 15, has been established. The National Retirement Planning Coalition, a group of prominent education, consumer advocacy and services organizations will put on a week long financial education event to encourage Americans to plan for their future financial retirement needs.
“Forty percent of baby boomers today have zero dollars saved for retirement and this is a real concern since 10,000 baby boomers enter retirement age daily,” Missouri Department of Insurance Director John M. Huff said. “We want to make sure Missourians know that insurance products exist to provide income during retirement.”
The department reminds Missourians that annuities can play an integral role in a financially secure and stable retirement. With various annuities available, Missourians can use annuities to secure additional income throughout retirement. The department produced a video explaining the different types of annuities to educate consumers about the availability of various retirement products.
The Missouri Office of Administration estimates that by 2030, individuals older than 65 will represent more than one-fifth of the state’s population. To be financially comfortable in later years, individuals must take on the responsibility to save and plan for their financial future. The earlier an individual starts planning the more financially prepared they will be during retirement.
The coalition also has retirement tools available on its website, retireonyourterms.org. The department has retirement resources available on its website, insurance.mo.gov.