Are there retirement plans out there?Yes. There are plenty of opportunities to start a retirement plan. According to The Pew Charitable Trusts nearly 66 percent of workers have accesses to retirement plans.
Is Social Security still relevant?According to research a significant portion of elderly recipients derive more than half of their retirement income from Social Security. In fact, most currently retired seniors would have severely low incomes if it wasn't for Social Security.
Does Medicare cover retirees?Unfortunately Medicare does not cover everything in post-retirement life. In fact, it doesn't cover many routine exams and will only cover up to 100 days in a nursing home. Retirees must find other sources of money to fund their retirement expenses.
Life expectancy remains high in the U.S.The average life expectancy in America is currently 78.69 years of age.
No early-out with annuitiesBecause of strict guidelines designed to accomplish long term goals, anyone who wants to withdraw early from an annuity plan could pay significantly. Surrender charges and tax penalties can be very costly, depending on the carrier and the product.
Annuity administration fees add upAdministration and management fees for annuities will also vary by carrier. Shop around and compare and include these expenses when you calculate a rate of return.
More people are working post-retirementAccording to Gallup nearly 74% of Americans say they plan to work post-retirement either full- or part-time.
Employer-sponsored plans still going strong
The most common employee-sponsored retirement plan is the 401(k).