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Administration April 8, 2003
New Booklet Advises on Annuities
August 28, 2001(PLANSPONSOR.com) - Two financial
groups have released a new educational booklet about
annuities that includes estimates of how large an annuity
product different kinds of people might need.
Reported by editors@plansponsor.com
The release comes as a recent poll by one of the groups found that less than half of women questioned even knew what annuities were. A simple multiple-choice question about the definition of an annuity stumped 43% of women and 38% of men.
Publishing the booklet, Making Your Money Last for a Lifetime: Why you need to know about Annuities, were the Women’s Institute for a Secure Retirement (WISER) and the Actuarial Foundation. WISER also sponsored the survey.
The booklet covers:
- how annuities work
- how they may be useful for singles, couples and those who have lost a spouse
- how much of an annuity readers might need.
Middle Income Respondents Have Lower Annuity Knowledge
The WISER survey also found that that only 45% of those with household incomes under $35,000 could correctly identify an annuity versus 70% of those with household incomes greater than $35,000.
The survey, conducted by KRC Research, contacted 1,000 adults ages 18 and over in early August.
– Camilla Klein editors@plansponsor.com
The annuity booklet is available on the Actuarial Foundation’s Web site .