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CA Department of Insurance

Experts caution that a written retirement plan is the key to financial security

News: 2016 Press Release

For Release: April 12, 2016
Media Calls Only: 916-492-3566
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Experts caution that a written retirement plan is the key to financial security
Majority of workers plan to work past 65 out of fear they won’t have enough retirement income

SACRAMENTO, Calif. — As many Californians are still working to recover from retirement savings losses created by the Great Recession, during National Retirement Planning week Insurance Commissioner Dave Jones is encouraging Californians to develop a written retirement plan to help realize their retirement dreams and seek advice to avoid investment scams.

According to a Transamerica Center for Retirement Studies report, workers are much more likely to reach their retirement goals if they have and follow a written plan. Currently, only 14 percent of workers have a written retirement plan. The study also notes that the majority of Baby Boomers and Gen Xers plan to work after age 65 to meet income needs, while Millennials expect to retire at 65 or younger and only work after retirement for enjoyment, not to meet income needs.

Approximately 10,000 Baby Boomers reach age 65 every day and will do so through the next two decades, as the largest generation in history moves into their senior years. They are members of a generation who are largely unsure of their financial future, as demonstrated by the latest research findings from the Insured Retirement Institute.

"Millions of Boomers' retirement savings took a hit during the Great Recession," said Insurance Commissioner Dave Jones. "As they work to recover and rebuild their retirement nest egg, it is critical to have a written plan to help you focus your effort and stay on track. Gen Xers and Millennials should learn from what Boomers have experienced and develop their own written retirement plan and start saving for a secure future."

As so many workers focus on building a sizable retirement nest egg, con artists are increasingly targeting Baby Boomers and others with investment scams. The Department of Insurance offers a number of resources to assist consumers making smart investment decisions involving insurance products, such as annuities.

National Retirement Planning Week is a national effort to help consumers focus on their financial needs in retirement. Resources are available to help consumers and financial professionals focus on long-term financial goals. It is possible to "Retire on Your Terms" if comprehensive retirement plans are properly developed and managed.

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Media Notes:

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 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.

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