It’s said that hindsight is 20/20—an adage that seems to ring particularly true when it comes to preparing for retirement. This compilation of retirees’ top financial regrets and fears is meant to help you better understand how the decisions you make regarding retirement could have ripple effects and how informed choices may result in more secure golden years.
of retirees regret not saving enough for retirement.1
non-retirees have a source of guaranteed income in their retirement portfolios.2
Of adults who currently don't have enough money to live comfortably, 36% believe the same will be true for them in the future.3
Some retirees opting for partial retirement and collecting Social Security benefits prior to age 66 were required to
over the federal salary earnings cap.4
of eligible employees don’t participate in their employer-sponsored 401(k) plan, thereby failing to take advantage of their employer match.5
Retirees often underestimated — and didn’t save enough to cover — health care expenses.6
COUPLES CURRENTLY NEED AT LEAST
SINGLE MEN NEED AT LEAST
SINGLE WOMEN NEED AT LEAST
Many seniors need to work longer. The number of workers 65 and older has tripled in the last 30 years, and the number of those 75 and older has almost quadrupled.7
Nearly one in five married couples and nearly half of single retirees
Working with your financial advisor to develop an investment strategy that addresses current challenges and future needs may help you avoid the retirement pitfalls that can lead to regret. Schedule some time to discuss next steps with your advisor today!
STATISTICAL SOURCES:
1MarketWatch, Watch out for these ‘10 retirement killers’, Oct. 5, 2019
2MarketWatch, Many Americans are underprepared for retirement — and that was before the coronavirus pandemic, April 14, 2020
3Pew Research Center, Most Americans Say the Current Economy Is Helping the Rich, Hurting the Poor and Middle Class, December 11, 2019
4Social Security Administration, How Work Affects Your Benefits, 2020
5CNBC, Here’s how much money you give up if you don’t grab your employer’s 401(k) match, February 24, 2020
6MarketWatch, Health-care costs in retirement continue to rise — here’s what you need to know, April 11, 2019
7MarketWatch, 3 trends that could change your retirement plans in 2020, January 3, 2020
8Social Security Administration, Fact Sheet Social Security, 2020
IMPORTANT DISCLOSURES
This material is informational only and is not investment advice. If you need advice regarding your financial goals and investment needs, contact a financial advisor.
Annuities are long-term insurance products designed for retirement purposes. Many registered annuities offer four main features: (1) a selection of investment options, (2) tax-deferred earnings accumulation, (3) guaranteed lifetime payout options, and (4) death benefit options. Before investing, you should consider the annuity’s investment objectives, risks, charges and expenses. The prospectus contains this and other information. Please read it carefully. To obtain a prospectus, contact your advisor, log onto membersproducts.com, or call 888.888.3940.
All guarantees are backed by the claims-paying ability of the issuer and do not extend to the performance of the underlying accounts which can fluctuate with changes in market conditions.
Annuity contract values, death benefits and other values fluctuate based on the performance of the investment options and may be worth more or less than your total purchase payment when surrendered. Withdrawals may be subject to surrender charges and may also be subject to a market value adjustment (MVA). Withdrawals of taxable amounts are subject to ordinary income tax, and if taken before age 59½ may be subject to a 10% federal tax penalty. If you are considering purchasing an annuity as an IRA or other tax-qualified plan, you should consider benefits other than tax deferral since those plans already provide tax-deferred status. The company does not provide tax or legal advice. Contact a licensed professional.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA, 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state, and may not be available in all states or through all broker/dealers.
MGA-2224471.2-0420-0522