April 12, 2016

Missouri Department of Insurance encourages retirement planning

Department promotes retirement planning during National Retirement Planning Week 2016

Jefferson City, Mo - Four in 10 baby boomers report having no savings for retirement. To educate Missourians about the need for retirement planning, the Missouri Department of Insurance is working with the National Retirement Planning Coalition to promote retirement planning, April 11- 15, during National Retirement Planning Week 2016. The National Retirement Planning Coalition is a group of prominent education, consumer advocacy and services organizations that put on the weeklong financial education event to encourage Americans to plan for their future financial retirement needs.

"Forty percent of baby boomers today have zero dollars saved for retirement and this is a real concern since 10,000 baby boomers enter retirement age daily," Missouri Department of Insurance Director John M. Huff said. "We want to make sure Missourians know that insurance products exist to provide income during retirement."

The department reminds Missourians that annuities can play an integral role in a financially secure and stable retirement. With various annuities available, Missourians can use annuities to secure additional income throughout retirement. The department produced a video explaining the different types of annuities to educate consumers about the availability of various retirement products.

The looming economic and political challenges baby boomers entering retirement encounter served as the impetus for the National Association of Insurance Commissioners (NAIC) to launch a new Retirement Security Initiative at the NAIC's 2016 Spring National Meeting.  Director Huff serves as the President of the NAIC.  

"This initiative will focus on three major themes: education, consumer protection, and innovation," Huff said. "We look forward to working with consumers and industry groups to identify new or re-designed products that truly meet the needs of 21st-century consumers."

The Missouri Office of Administration estimates that by 2030, individuals older than 65 will represent more than one-fifth of the state's population. To be financially comfortable in later years, individuals must take on the responsibility to save and plan for their financial future. The earlier an individual starts planning the more financially prepared they will be during retirement.

To join the conversation about retirement planning follow @MissouriDIFP and@IRIonline on Twitter and use #NRPW in your tweets. 

The coalition also has retirement tools available on its website, retireonyourterms.org.

The department has retirement resources available on its website, insurance.mo.gov.