Education also includes being aware of how customers feel about Social Security. In the past, Social Security was viewed by many as the primary stream of income for their retirement. Now, the Social Security Administration is encouraging people to take responsibility for their own retirement. Beginning this month, the Social Security Administration will mail annual, individualized statements to 125 million workers. The statement contains an estimate of the monthly retirement benefit that the worker would receive at age 62 and age 70.
Many people are in for a reality check.
This is the first time Americans will know just how unprepared they are for retirement if they depend solely on Social Security benefits. Americans believe their life expectancy to be 82 years. Variable annuities offer an opportunity for customers to retire on their terms, regardless of the state of the Social Security program. Finally, education means helping the financial service media, our producers, and regulators to understand our business and the benefits of our products. Each of you will be receiving a copy of an interview taped from Jim Barry's successful financial advice TV program.