“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
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.
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
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.