Californians encouraged to plan for their financial futures
News: 2015 Press Release
SACRAMENTO, Calif. -This week is National Retirement Planning Week, and the California Department of Insurance is encouraging all Californians to take a good look at their financial needs as they move toward retirement. Considering people are living longer than ever before, consumers should realistically evaluate how much money they will need to retire.
Recent studies show 10,000 Baby Boomers across the nation leave the workforce and enter retirement each day and recent estimates show that by 2030, one in five Californians will be 65 or older. Many of those entering retirement today are largely unsure of their financial futures, but there are steps everyone can take, from students to grandparents, to prevent financial uncertainty and hardship in their golden years. Creating a financial plan for retirement can restore confidence and build savings for those post-working years and the earlier people start planning, the better off they will be.
"In every stage of their lives, consumers need to consider their individual needs to ensure financial stability during retirement," said Insurance Commissioner Dave Jones. "Planning for the future often takes a backseat to the challenges of everyday life, but being proactive now is essential to your long-term financial wellbeing."
While Baby Boomers have redefined American life for the past several decades, their lasting legacy may be influencing how Americans prepare for retirement. Through the course of their working years, this generation has faced unique challenges including changes in employee benefits, longer life spans, uncertainty with Social Security and Medicare, as well as rising costs of health care. In effect, preparing for and financing one's retirement has become increasingly difficult with more consumers feeling alone and less confident in their financial futures.
To help shoulder this burden, the Department of Insurance and the National Retirement Planning Coalition have resources available to help jumpstart your financial planning and take the confusion out of retirement. You can find tools from the coalition on their website.
The department has additional resources, specifically for consumers such as baby boomers in the "sandwich generation" who face the challenge of caring for aging parents and sending their kids off to college while planning for their own retirement. Seniors who are nearing retirement can also learn more about their insurance needs on the Department's website.
The weeklong financial educational event is organized by the National Retirement Planning Coalition, a group of prominent education, consumer advocacy and financial services organizations. The coalition has retirement tools available on its website, www.retireonyourterms.org.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.