Concerned about their ability to manage the rising cost of living as they age, 57% of Americans are worried that inflation will make their basic retirement expenses unaffordable.
According to a study of retirement risk readiness by Allianz Life, 59% believe that the rising cost of living will prevent them from enjoying their retirement.
Despite their concerns, however, the study found that only 24% are discussing the impact of inflation with their financial professional, and only 21% say they will use a financial product that allows for the opportunity for increasing income as a way to help address inflation.
More than half (52%) of the retirees polled said they view rising health care costs as one of the greatest risks to their retirement security, with nearly 40% of non-retirees sharing that concern about their future expenses. Both groups seem to have a poor sense of what their health care costs are now or will be in the future, with 48% of current retirees saying they have no idea of how much they currently spend on health care costs and 62% of non-retirees saying they have no idea of how much they will spend on health care once they retire.
This may prove troublesome, Allianz said in a release, since it found that 34% of those who have yet to retire say health issues are one of the most likely reasons they may have to retire earlier than expected.
Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant
Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.
Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL
Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.
“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
