Limra Reports: Planning Is Needed BestWeek (04/14/03) p.8; Panko, Ron
Research shows that the 3.5 million Americans expected to retire by the year 2012 may lack the guidance to fill in gaps in their retirement savings, according to Eric Sondergeld of the Retirement Research Center at Limra International, who spoke at the sixth annual Annuity Conference. Pointing out that many retirement planning tools used by future retirees are based on life expectancy tabulations, Sondergeld expressed his belief that, without sufficient guidance, most retirees will be unprepared to face retirement. According to research, about 2 million Americans retired last year. Figures also show that the average age for retirement is 59, and that 32 percent of retirees collect income from annuities, while 50 percent draw income from their IRA and 91 percent draw income from Social Security.