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Did You Know?
- That in 2008, the total average expense difference between variable annuities and mutual funds was 1.18%
- That, as of the fourth quarter 2008, the combined net assets of U.S. variable annuities were valued at $1.2 trillion?
- In 2008 fixed annuity assets valued at 556 billion a 9% increase from 2007?
- In 2009, the contribution limits range from $5,000-$6,000 for an IRA, $16,500-$22,000 for a 401k and $200,000 plus for a non-qualified annuity?
- That the average number of funds per variable annuity contract was 51, in 2008 with an average contract value of $49,200?
Consumers
Tools to Assist in Your Retirement Investment Decisions
Trying to get the most out of retirement? Looking to create your own pension? Worried about inflation? Our simple, up-to-date information can lead you to answers. As always, investors are encouraged to seek advice from professionally qualified personnel educated in financial planning.
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Often the most recognizable opportunity to save for retirement while reducing a tax liability, 401(k) plans are among the most widely featured options within defined contribution plans. According to a recent Fidelity Investment Study, more than 21% of polled companies that had previously suspended their employer match have already reinstated matching, and another 23% say they plan on bringing matching back at some point in 2010. These reinstatements may come as welcome news to employees looking to jump start their retirement planning strategies, while saving on their taxes.
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Social Security remains a critical piece of the retirement puzzle, providing a majority of income for more than half of people age 65 and up. Today, half of retirees start claiming their benefits as soon as they become eligible, at age 62. In fact, the Social Security Administration recently reported that the unprecedented levels of first-time claims has contributed to Social Security payouts exceeding revenue for the first time in history this coming year – six years earlier than previously projected.
Recommended by 90 people Top 10 Ways to Prepare for Retirement
Prior to September 2008, for millions of Americans, retirement preparedness was synonymous with saving money through an employer retirement plan, often becoming the anchor point for a worker's entire retirement savings strategy. However, according to the Center for Retirement Research at Boston College, more than 2.4 million active 401(k) participants were affected by employers suspending their savings match in the wake of the market decline. Today, employer retirement plans still play a key role in retirement preparation, but comprehensive planning must incorporate numerous considerations.
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