Seven Percent of Retirees are Millionaires
The article Why U.S. Insurers are Crazy Over the Retirement Savings Market, from InsuranceNewsNet, covers how insurance products will be changing to meet the needs of the wave of boomer retirees entering retirement. Basically, the insurance products out there right now can’t meet the demands of retirees and things will get better. Better products. Intense competition. Mergers in the industry.
The article also includes some interesting statistics about the financial state of retirees.
Approximately seven percent of retirees are millionaires, 19 percent have assets that are worth more than $400,000, and one-third have assets that are worth more than $200,000, and retirees today, are quite unlike retirees from previous generations. Today’s retirees are better educated, wealthier, more active, and healthier. They work and travel, and more often than not, they work because of their passion to continue contributing and enjoying a sense of purpose.
