Can money buy happiness? For retirees, survey says: Yes.
Research has found that the two greatest contributing factors to a happy retirement are: (1) being surrounded by family and friends and, (2) having a substantial, guaranteed, lifelong income stream. Since the number one concern among retirees is outliving their assets, it stands to reason that having adequate guaranteed income for life would go a long way to offsetting this cause of stress.
Historically, retirees have enjoyed a combination of Social Security benefits and an employer-sponsored pension, but these days pensions are scarce. On average, Social Security payments equal only 40 percent of pre-retirement income, so today’s retirees may have to supplement their income with savings and investments.
Research by the LIMRA Secure Retirement Institute found that retired annuity owners tend to be more confident about sustaining their retirement lifestyle than those without an annuity. In fact, close to 70 percent of retirees who own an annuity are confident their savings will not run out even if they live to age 90, compared with 57 percent of retirees who do not own an annuity.
Keep in mind that annuities are insurance contracts designed for retirement or other long-term needs. They provide guarantees of principal and credited interest, subject to surrender charges. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurer.
Content prepared by Kara Stefan Communications.
Ken Nuss. MD Magazine. June 6, 2018. “Research Shows Retirees With a Guaranteed Income Are Happier, Live Longer.” https://www.mdmag.com/physicians-money-digest/personal-finance/research-shows-retirees-with-a-guaranteed-income-are-happier-live-longer. Accessed Feb. 8, 2019.
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