Californians urged to plan for retirement and carefully consider annuities
News: 2017 Press Release
"Whether you are a Baby Boomer, Gen Xer or a Millennial, you need to be proactive and have a plan for retirement," said Insurance Commissioner Dave Jones. "It is crucial that Californians are aware of their retirement options, including annuities, to ensure their future financial security."
Each day 10,000 Baby Boomers across the nation leave the workforce and enter retirement and 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. The first step is developing a plan for retirement to help realize retirement dreams and ensure future financial security.
Another step to consider is purchasing annuities, which can ensure a steady income after retirement, but can also be very confusing and not suitable for everyone. An annuity is an investment so it is important for consumers to be cautious and determine their needs before signing a contract. The Department of Insurance has created a list of things to consider before buying annuities.
Informed consumers are less likely to make mistakes. Consumers are urged to make sure their agent's license is current and the company is licensed by the California Department of Insurance. If consumers have questions or concerns the Department's Consumer Services Division is available to assist at 1-800-927-4357.
National Retirement Planning Week is a national effort to help consumers focus on their financial needs in retirement. While National Retirement Planning Week is only one week every year, resources and tools to help Californians plan for retirement are available year round at www.RetireOnYourTerms.org.
- More information on annuities on CDI's website
- Retirement planning tools available year- round at https://www.retireonyourterms.org/.
- National Association of Insurance Commissioners (NAIC)'s retirement microsite
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.