Americans tend to overestimate how many years they will be able to keep working, while they tend to underestimate how long they will live.
That was among the findings of the 2020 Retirement Income Literacy Survey taken by The American College. The study showed that consumers have a wide knowledge gap in retirement income literacy and they struggle with awareness of basic investment management.
The survey showed four in five Americans ages 50-75 fail to understand the basics of planning for a financially secure retirement. Retirees as well as pre-retirees lacked knowledge surrounding income in retirement, basic investment management and planning for long-term care needs.
After an unpredictable 2020 and with a COVID-19 vaccine in the early stages of distribution, optimism and fresh starts are the sentiments ringing true right now.
However, the health and financial challenges of 2020 will likely linger for some time. In fact, the 2020-2021 Aflac WorkForces Report found that 67% of U.S. employees experienced at least a minor financial impact because of COVID-19.
Given the importance of every dollar during this time, brokers and agents can work with human resource managers to ensure all aspects of policies are discussed from wellness claims to insurance riders. This ensures HR managers have the knowledge and resources to advise employees on how to best use their benefits. Together, agents and brokers can support workforces by highlighting the following:
When Closing Down Means Opening Up
Imagine going back to early March of last year and talking to the 2020 you about the year you were about to have.
What would you say to yourself? Would either of you believe what you were saying? What would you talk about first? Would it be the highlights or the lowlights?
For some agents and advisors, the year 2020 was the struggle of their lives. As restrictions closed or limited traditional methods of prospecting and selling, the practices of conducting dinner seminars or sending postcards to get kitchen table leads became extremely difficult, if not impossible.