While a whopping 94 percent of Americans currently give themselves a passing grade on retirement, a third of them have confessed to stopping retirement savings at least once, according to a new report from the Indexed Annuity Leadership Council.[1] In fact, 20 percent of Baby Boomers don’t have a single dollar put away for retirement.

This news is startling. In many cases, $250,000 is needed for retirement healthcare costs alone.[2] With roughly half of Americans citing that they will miss having a steady paycheck the most when they retire, individuals need to explore savings options and develop a sound strategy to address their retirement needs.

While many individuals may be banking on Social Security as a main stream of money for retirement, it is not the only consistent paycheck available for consumers. Fixed Indexed Annuities (FIAs) can provide a steady, retirement income stream.

No matter your plans for your golden years, securing your financial future is crucial to making these dreams a reality.

  1. 94 percent of Americans grade themselves a “C” or better on financial literacy.
  2. 1 in 3 Americans confess to stopping their retirement savings at least once.
  3. 23 percent of Americans say they don’t even know what they are saving for.
  4. A steady paycheck is the #1 thing that 50 percent of Americans say they will miss most in retirement.
  5. More than a quarter of Americans say they will miss their health insurance when they retire.
[1] Data trends were compiled from Toluna’s online panel in April 2017, among n=1,000 adults (ages 18 and over).  Figures for age, sex and region income were weighted where necessary to bring them into line with their actual proportions in the census population.
[2] 2015 Fidelity Study