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The client's overall expectation of outliving his or her savings should be taken into account in deciding whether the no-refund strategy is the right fit--a healthy client with a good prospect of living past the deferral period obviously has less risk of losing his or her investment even with the no-refund option.
It used the Social Security Administration's 2001 mortality assumptions to calculate the risk of outliving mutual fund assets.
Indeed, more than half of pre-retirees (57 percent) are concerned that they might be too conservatively invested and, therefore, may not grow their assets enough during retirement to keep them from outliving their savings.
Likewise, seven in ten have concerns about outliving the money they have saved for retirement, and even more are at least somewhat concerned about maintaining their desired standard of living throughout retirement (eight in ten).
MetLife senior vice president and head of MetLife Retirement Strategies Group, added, " Longevity and the risk of outliving ones assets is a critical issue for Americans of all ages.
Instead, we would run the risk of retired educators outliving their savings and placing extraordinary financial burdens on public services.
In response to investor concerns about outliving retirement assets, Pacific Life has made improvements to its living benefits that provide more choices for a guaranteed income.
According to American Express Financial Advisors, as boomers migrate from accumulating assets to spending savings, they will need to hedge against the prospects of a long retirement and outliving their money.
In fact, a recent study showed that a whopping 95 percent of Americans have some type of financial-related retirement fear, such as running out of money or outliving their savings.
The fear of outliving savings prevents many near-retirees from fully utilizing their financial resources to generate retirement income.
As boomers reach their 50s, looming retirement deadlines spark a five-to-10-year dash to accumulate enough wealth to avoid outliving assets.
Twenty two percent of parents overall expect to tap their retirement accounts to pay for college, a significant finding given that a recent Genworth Center for Financial Learning survey discovered that most Americans are already at risk of outliving their retirement savings.