Ohio National Financial Services, Annuities

At the same time, an increasing number of people are concerned about their retirement security, mostly reflecting uncertainty about market stability and the overall state of the economy. Specifically, according to the independent Employee Benefit Research Institute's 2011 Retirement Confidence Survey (RCS): "More workers than ever state that they are a lot (40 percent) or a little (30 percent) behind schedule — fully 70 percent say they are not where they need to be. The percentage of workers who say they are ahead of schedule has changed little (7 percent in 2005, 8 percent in 2011). However, the portion of those saying they are on track has declined from 37 percent in 2005 to 21 percent in 2011."

As for Baby Boomers, in general, the oldest of them turned 65 in 2011. Many of them are starting to retire and begin living on their accumulated assets. At the same time, many are not sure how to make sure they do not outlive their retirement assets. Therefore, they need guidance and support. They also need annuities, the only financial vehicles that can promise — and delivery on that promise — to provide lifelong incomes, no matter how long they live.

Many of them are concerned about the uncertain economy. According to an April 2011 survey conducted by the Associated Press, many Baby Boomers believe they will need to work longer than planned or will never be able to retire at all. Additionally:

Only 11 percent say they are strongly convinced they will be able to live in comfort.
While more than half (55 percent) said they were either somewhat or very certain they could retire with financial security, 44 percent expressed little or no faith they will have enough money when their careers end.
Further underscoring their financial concerns, 1 in 4 Boomers still working say they will never retire.
Nearly two-thirds of those surveyed (64 percent) see Social Security as the keystone of their retirement incomes.
Nearly one-fourth (24 percent) of Boomers say they have no retirement savings.
About 10 percent say they have banked at least $500,000.
Those who have some money set aside for retirement say they have saved, on average, $100,000.

The financial adviser's message to this generation? It's never too late, but the sooner you start, the more you can do.

Whether the goal is building wealth for the long term, preserving assets or planning for an eventual transfer of assets to heirs, the right annuity (and insurance) products can play a central role. Structured to provide tax advantages, and designed to provide peace of mind to the client as well as to the client's beneficiaries. Annuity strategies should be reviewed periodically, to remain consistent with the client's needs, interests and practicalities.

Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.