Retirement is a time in your life to look forward to – a post-work life filled with days you design and passions you follow. So how can you help ensure that your retirement goes as planned? Preparation and education are key steps to saving a nest egg that will allow you to achieve the retirement lifestyle you want and dream about. However, if you’re not saving enough for retirement, you’re not alone.
The Indexed Annuity Leadership Council (IALC) introduced Master of Retirement, an interactive quiz game, as a fun way to learn about retirement insights while helping retirement savers tackle the trend that 1 in 4 Americans report having nothing saved for retirement, while 1 in 4 Baby Boomers have less than $5,000 saved for later in life expenses1.
The Master of Retirement game can help identify where your knowledge is strong or where additional research and information could be useful in your retirement planning journey. Choose from three difficulty levels to answer multiple choice questions and start accumulating or losing points. The tougher the questions, the bigger the virtual jackpot. Examples of questions include:
“What is the #1 retirement fear among American baby boomers?”
“What percentage of Americans have to retire earlier than planned?”
“How much does the average American, over the age of 65, pay per year in housing costs?”
Think you know the answers to these questions and more? Test your skills to find out if you’re a Master of Retirement. The best part? You can play again and again until you achieve the master level and can share the challenge with your social media friends.
Retirement Survey Data Insights
Statistics from IALC survey data that helped inform the game’s questions reveal some notable figures, such as 27% of women expect Social Security to be their primary source of retirement income; that close to 25% of Americans are more concerned about their retirement savings than the year before; and 38% of Americans found their expenses in retirement to be higher than expected2.
But it’s not all doom and gloom. According to the Master of Retirement game, 19% of men are “very confident” in their ability to fully retire with a comfortable lifestyle, and 42% of Americans have 401(k) plans with 8 out of 10 workers benefiting from an employer 401(k) contribution match. What’s even more promising is that 50% of Americans report they are confident they will not outlive their retirement savings2.
If you fall into the other 50% of Americans who might not be as confident about lifetime income, the good news is it’s never too late to start saving.
About the Indexed Annuity Leadership Council
The IALC is a consortium of life insurance companies that provides educational resources about the retirement planning benefits of fixed index annuities. Learn more about the IALC by visiting, www.fiainsights.org
1. Indexed Annuity Leadership Council. (July 19, 2016) “New Data Reveals Americans’ Top Retirement Fears” [Press release].
2. Indexed Annuity Leadership Council. (Oct. 30, 2017) “America is Incredibly Savings Insecure” [Press release].
The information provided is for educational purposes only and does not constitute advice. For specific details on how this may apply to your personal situation contact your personal financial advisor or insurance agent for more details. American Equity contracts are only sold through independent agents. Please contact our home office Agency Services department at (888) 221-1234 option 3, or your state insurance department, to see if there is an independent insurance agent in your area appointed to sell American Equity annuity contracts.