Dover, DE – National Retirement Planning Week runs from April 11 to 15, and Insurance Commissioner Karen Weldin Stewart joins with the National Retirement Planning Coalition to recommend that Delawareans of all ages take time to review their existing retirement strategy, or to formulate a plan if they don’t already have one. It’s important to have a plan for financial stability in retirement besides relying on Social Security alone. While there’s no right or wrong way to plan for retirement, taking no action could be a recipe for disaster.

The Government Accountability Office’s May 2015 report, Retirement Security: Most Households Approaching Retirement Have Low Savings, found that more than half of people age 55 and up don’t have any money saved for retirement. And about half of that group won’t be getting a pension, leaving them with little to no retirement income outside of Social Security benefits. The report states, “[C]ompared to current retirees, workers age 55 and older expect to retire later and a higher percentage plan to work during retirement. However, one survey found that about half of retirees said they retired earlier than planned due to health problems, changes at their workplace, or other factors, suggesting that many workers may be overestimating their future retirement income and savings.”

Commissioner Stewart says, “Planning for retirement can seem like a daunting task but the earlier you start saving, the easier it will be to actually reach your goals. National Retirement Planning Week serves as a great reminder for people to see if their retirement planning strategies are going to provide the best benefits for their future needs. After completing a self-analysis or working with a professional, consumers should redefine their goals and take action to make necessary changes. Consulting with your life insurance agent or broker should be part of this analysis.”

The National Retirement Planning Coalition is a group of prominent education, consumer advocacy and financial services organizations. The goal of the initiative is to demonstrate that it is possible to “Retire On Your Terms” if comprehensive retirement plans are properly developed and managed. To support these education efforts, the coalition has collected the latest resources to help consumers and financial professionals focus on long-term financial goals. These tools are available year-round at www.retireonyourterms.org, which features life-stage specific resources to help Americans focus on their long-term financial goals.

For more information on topics related to retirement planning, consumers are also encouraged to visit the Delaware Department of Insurance website, www.delawareinsurance.gov, and the National Association of Insurance Commissioners’ consumer website, www.InsureUonline.org.

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For more information:

Jerry Grant 302-674-7303

 

Delawareans Should Start Planning Now For Retirement

Insurance Commissioner Karen Weldin Stewart Joins
National Effort to Promote Retirement Planning

 

DOVER, DE—Each day about 10,000 Baby Boomers enter their retirement years. They are members of a generation who are largely unsure of their financial future, as demonstrated by the latest research findings from the Insured Retirement Institute (IRI). For five years, IRI has seen Baby Boomers’ confidence in their financial preparations for retirement steadily dropping, with barely a quarter optimistic about their situation in 2015.

 

While Baby Boomers have redefined life at every corner, their lasting legacy may be in how Americans prepare for their retirement years. Through the course of their working years, a unique set of challenges has emerged, including changes in employee benefits, longer life spans, uncertainty with Social Security and Medicare, as well as the rising cost of health care. This new paradigm is largely responsible for the Baby Boomers’ confidence deficit.

 

The National Retirement Planning Coalition – a group of prominent education, consumer advocacy, and financial services organizations – says this does not have to be the case. Crafting a holistic financial plan for retirement can restore confidence and build savings for retirement. To help spread its message, the Coalition has organized National Retirement Planning Week, an effort to help consumers focus on their financial needs in retirement.

 

The Delaware Department of Insurance is supports National Retirement Planning Week 2015, which takes place April 13 through 17. “We understand how the pressure of looking at the future can make planning for retirement initially seem daunting, but it certainly doesn’t have to be,” says Insurance Commissioner Karen Weldin Stewart. “Routinely reviewing your finances and assessing your financial preparedness for retirement is a good first step. Being proactive about planning and seeking professional guidance when warranted can help you achieve financial security in the golden years.”

 

The Coalition, led by IRI, recognizes that the need to educate Americans on retirement planning is an ongoing effort and is committed to making this a national priority. National Retirement Planning Week and other coalition activities will demonstrate that it is possible to “Retire On Your Terms” if you properly develop and manage a comprehensive retirement plan. To support these educational efforts, the Coalition has collected the latest resources to help consumers and financial professionals focus on long-term financial goals. These tools are available year-round at www.retireonyourterms.org

 

The Coalition and its supporters will release additional educational materials in conjunction with the event’s agenda. The Coalition will also encourage retirement planning through nationally distributed radio, television and print spots, a coordinated media outreach program, and a host of events throughout the week.

 

Check the Delaware Department of Insurance’s Facebook page and Twitter feed for more information.

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Contact: Jerry Grant, 302-674-7303

Delaware Department of Insurance: “Protecting Delawareans through regulation
and education while providing oversight of the insurance industry to best serve the public.”

More information about annuities can be found at http://delawareinsurance.gov/departments/consumer/annuities.shtml