Tampa Bay's Morning Blend


Securing Your Financial Future

Posted: 1:33 PM, Jun 18, 2018
Updated: 2018-06-18 17:33:30Z

Every day in the United States, 10,000 men and women retire from the workforce. But with Americans living longer lives than ever before, will they be able to afford to live comfortably for the rest of their lives? People have worked hard to save money for retirement in vehicles like 401Ks and IRAs, but most people don’t know how much income they will need in retirement to live the life they want to live. The retirement discussion has heavily focused on accumulation – saving enough money – instead of retirement income.  
Consider the facts:
  The average cost of retirement totals more than $700,000 
  Only half of workers are confident (and just 12% very confident) that they know how much income they will need each month (2018 EBRI Retirement Confidence Survey)
  64% of U.S. households (80 million) have no guaranteed income source to bridge the Social Security gap (2017 Federal Reserve data) 
A protected income solution, like an annuity, can bridge the income gap between just getting by and living well. Having a source of income beyond just social security can also provide a financial cushion in times of market volatility. But where should you begin when planning for retirement? The Alliance for Lifetime Income, a newly formed 501 (c) (6) non-profit, has launched a new education program designed to help consumers understand their risks, educate them on their options and empower them to take action.