It’s time for Californians to rethink their retirement plans
News: 2018 Press Release
"I'm urging Californians to take the time today to think about how they are securing their financial future," said Insurance Commissioner Dave Jones. "It's easy for your everyday life to take priority over planning for the future, but being proactive now is essential to your long-term financial well-being."
According to a 2017 study by the Insured Retirement Institute, a substantial percent of millennials are unsure of how they will use their savings to generate sustainable income. 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 can restore confidence and build savings for those post-working years. The earlier people start planning, the better off they will be.
The Department of Insurance offers a number of resources to assist consumers making smart investment decisions involving insurance products, such as annuities, to determine if these are the right products for you. The department has additional resources, specifically for consumers such as baby boomers who face the challenge of caring for aging parents and sending their kids off to college while planning for their own retirement.
- Insure U has additional retirement resources available to help consumers
- The National Retirement Planning Coalition, spearheaded by the Insured Retirement Institute, has tools available to help Americans with retirement planning.
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. Teletypewriter (TTY), please dial 800-482-4833.