Health, Not Income, Tops Longevity Concerns for Middle-Income Americans, New
New Survey Findings on Longevity Risk and Reward for Middle-Income Americans
CHICAGO, April 2, 2013
CHICAGO, April 2, 2013 /PRNewswire/ -- Declining health is the number one
longevity concern for middle-income Americans, nearly four times the concern
over inadequate retirement savings (10%) or outliving their money (9%), the
latest study released by the Bankers Life and Casualty Company Center For A
Secure Retirement ^ ® (CSR) reveals.
The study, Longevity Risk and Reward for Middle-Income Americans surveyed 500
Americans ages 55 to 75 with an annual household income of between $25,000 and
Retirement Income Shortfalls
To compensate for the possibility of outliving their savings, here's a look at
how middle-income Americans plan to deal with shortfalls in retirement income.
oReduce spending (63%)
oGet a part-time job in retirement (41%)
oSell my house (25%)
oGive less money to children/grandchildren (24%)
oDon't plan to do anything (15%)
The good news is that the majority of today's middle-income Americans are
living within their budget.According to the CSR study, seven out of ten (70%)
report living comfortably within their budget.Only one in ten (9%) admit to
living beyond their means.
Use of Common Planning Methods
Four in ten (44%) admit that their retirement savings may not last until the
end of their life. Yet, when it comes to developing a retirement savings
goal, only one-fifth (21%) of middle-income retirees and pre-retirees
calculated a monthly retirement income goal number; only one in ten (13%)
determined a total savings goal number to reach.
"Realistically assessing longevity can be a powerful tool in planning for
retirement," said Chris Campbell, vice president of marketing and business
development at Bankers Life and Casualty Company, a national life and health
insurer. "Set a clear retirement goal and be realistic about the amount of
savings it will take to be able to live the retirement lifestyle you desire."
The CSR study cites more than half of middle-income Boomers (55%) have saved
less than $100,000 for retirement. In light of this reality, it is not
surprising that nearly two-thirds (62%) of middle-income pre-retirees report
some level of anxiety about retirement; one in four (28%) report being
"anxious" or "very anxious."
All of these factors suggest that most middle-income Americans should apply
some disciplined planning to overcome these anxieties. Yet that does not seem
to be the case, according to the study.
The Bankers Life and Casualty Company Center for a Secure Retirement's study
Longevity Risk and Reward for Middle-Income Americans was conducted in
November 2012 by the independent research firm The Boomer Project. The full
report can be viewed at CenterForASecureRetirement.com.
A nationwide sample of 500 Americans ages 55 to 75 who have an annual
household income of between $25,000 and $75,000 participated in the
Responses were weighted to match U.S. Census data on the selected age
segment. The margin of error was 4.47 percentage points at the 90% confidence
About the Center for a Secure Retirement
The Bankers Life and Casualty Company Center for a Secure Retirement is the
Company's research and consumer education program. Its studies and consumer
awareness campaigns provide insight and practical advice for how everyday
Americans can achieve financial security during retirement. To learn more,
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on
the insurance needs of the retirement market. The nationwide company, a
subsidiary of CNO Financial Group, Inc. (NYSE: CNO), offers a broad portfolio
of health and life insurance and annuities designed especially for retirees.
To learn more, visit Bankers.com.
SOURCE Bankers Life and Casualty Company Center for a Secure Retirement
Contact: Jennifer Born, Bankers Life and Casualty Company, +1-312-396-7089,
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