New York Life Executive Says 52% of Americans Trust Their Retirement Savings to Last
Updated
Updated · MarketWatch · Aug 21
New York Life Executive Says 52% of Americans Trust Their Retirement Savings to Last
1 articles · Updated · MarketWatch · Aug 21
Summary
Matt Wion, New York Life’s head of retail annuities, said the biggest retirement gap is not saving enough but failing to build a plan to spend with confidence.
Only 52% of Americans are confident their savings will last for life, he said, and that lack of confidence can delay retirement, trigger underspending and amplify anxiety over market swings.
That figure rises to 87% among people who work with a financial professional, have a financial strategy and own annuities, which Wion said can help create a guaranteed income floor.
Wion argued retirees should plan for longevity—a 65-year-old living to 90 needs 25 years of income—and avoid shifting entirely into conservative assets without first securing essential expenses.