Annuities Can Assist in Your Retirement Needs

As a new survey points out, concerns are running high among Americans and their belief that they can one day retire comfortably.

If your retirement goals appear to be up in the air, turning to InsuranceQuotesus.com for annuity quotes is a good way to open yourself up to better opportunities to save money for down the road when you're no longer gainfully employed full-time.

According to a new survey from the non-partisan Employee Benefit Research Institute (EBRI) in Washington, D.C. a record number of Americans have lost confidence in their means to afford retirement. ,

The 2011 Retirement Confidence Survey, which was co-sponsored by the Principal Financial Group, reported that over a quarter of workers (27 percent) - the highest number ever in the two decades of the survey - now claim they are "not at all confident' in regards to having enough funds to live comfortably when they retire. Meantime, the percentage of workers claiming they are "very confident' ties with 2009 at 13 percent - the smallest rate ever recorded for the survey.

The survey goes on to note that a large number of systemic conditions are making Americans rethink retirement. Among those factors is large unemployment rates; government fiscal crises; increasing health care expenses; smaller investment returns; an increasing older population placing pressure on Social Security and Medicare; and longer life expectancies. ,

According to a spokesperson at The Principal, "Americans are beginning to recognize the level of savings needed for a comfortable retirement. Now it's critically important to take steps to improve the chances they'll have enough. Research shows even simple actions, like calculating how much is needed for retirement, increases savings. Creating a plan and working with a financial advisor can also help get savers on realistic paths to a secure retirement.'

Among other notable findings from the survey available at www.ebri.org is:

First, close to a third of both workers and retirees reported they had to reach into their savings in 2010 to pay for basic needs. Significantly, those with retirement savings - like a 401 (k) or an IRA - were far less likely than those without these accounts to tap into their savings.

Secondly, a large number if individuals do not plan on save for retirement. More than a third (42 percent) indicates they determined their retirement savings requirement by guessing. Seventy percent claim they are slightly or very far behind schedule in planning and saving for retirement.

Also, more than half of workers claim they have under $25,000 in total savings and investments, not including their homes.

Finally, a fair number of employees (20 percent) report they now intend to retire later (at an older age) than originally planned. Nearly almost half of present retirees (45 percent) note they retired earlier than originally planned, mostly due to a health problem or disability.

For those individuals who are experiencing major concerns regarding their retirements, annuities are a great option to employ.

Among the annuity options to research are: Immediate Annuity; Deferred Annuity; Fixed Annuity and Variable Annuities.

The immediate annuity provides investors the ability to acquire income right away for a set period of time or for the rest of their life (can be obtained on monthly, quarterly, semi-annual or annual basis). This option is especially attractive to individuals who are closing in on retirement and look to supplement their income.

The deferred annuity is for investors searching for a fixed income only after a set period of time. This allows the income one invests to keep growing and collecting, only arriving once they really require it. Remember, individuals only pay taxes once they start to withdraw the money. This type of annuity is a good bet for those individuals who still have some time left prior to retirement.

The fixed annuity is a financial option which pays investors a fixed income monthly from the time that they decide to start receiving money. The rate of return or the money, which is tax deferred, that one obtain monthly is pre-determined and will not vary. This form of annuity is best for those individuals who prove not to be big risk takers and like knowing how much money they can expert their way each month.

The variable annuity will invest an individual's money in stocks and bonds, and that income is subject to change each month due to market fluctuations. The income accrues on a tax deferred basis, and the investor can determine if they want returns right away or on a long-term basis. This product is a good choice for those individuals who are younger and not as worried to market changes.