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Article: White Paper from Allianz Life and LIMRA Shows New Economy is Changing the Way Americans Save.
- Article from:
- Biotech Week
- Article date:
- October 21, 2009
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According to a new white paper from Allianz Life Insurance Company of North America ("Allianz Life") and LIMRA entitled "How the New Economy is Changing the Way Americans Save," more Americans are abandoning the old formula for retirement and focusing on protecting principal and generating "income for life."
According to the Census Bureau, by 2020 almost one-third of Americans will be nearing or in retirement, but most don't have ready financial plans. The old formula for retirement was one-third social security, one-third corporate pension, and one-third investments, such as 401(k) plans. Now, many pensions have disappeared, the future of social security is ...