According to a new Teachers Insurance & Annuity Association survey, higher education faculty is better prepared for retirement than the general population – setting a great example.
On top of saving in their employer-sponsored retirement plan, 42 percent of higher education employees have saved in an IRA compared to 34 percent of the general workforce. While 36 percent of college faculty and staff say they have seen a financial advisor, only 22 percent of the general population report that they have done so.
Confidence is key: Giving thought to retirement preparations contributes greatly to your financial confidence. Eighty-three percent of tenured and tenure-track faculty felt ‘very or somewhat’ confident they will have enough money to live comfortably throughout their retirement years, compared to just 55 percent of workers overall.
Employees in all industries can adopt a “plan now, plan for the future” approach by consulting a financial professional or insurance agent to determine the best route to achieve a safe and secure retirement.
One option to consider when speaking with your financial professional is a Fixed Index Annuity (FIA), a financial product that protects your principal and allows the potential for growth linked to an index, such as the S&P 500.
Visit FIAinsights.org for more information and check with your financial professional to determine if a fixed indexed annuity is right for you.