A recently released American Council of Life Insurers (ACLI) study found that
nearly two-thirds of the nation’s households are on the right track to financial security.
ACLI officials said the research effort was comprised of data analysis from 4,500 households to provide a comprehensive picture of Americans’ current state of financial and retirement security – determining 65 percent of study participants are on track or nearly on track to be financially secure.
“The study dispels the myth that income levels alone guarantee financial security,” Dirk Kempthorne, ACLI president and CEO, said. “Financial and retirement security can be within everyone’s reach so long as they have access to, and use, the right tools.”
Kempthorne said the organization released the study findings during Life Insurance Awareness Month to educate Americans on the steps they can take to improve their financial and retirement security and the key role life insurance products play in those plans – noting 80 percent of financially secure households own life insurance.
“Financial and retirement security also means protecting what you have built from life’s uncertainties,” Kempthorne said. “That is what life insurers do every day for 75 million American families. Whether it is protecting families’ financial futures following the death of a wage earner, protecting hard-earned savings from being depleted due to a disability or the high cost of long-term care or protecting against the risks of outliving retirement savings – life insurers offer solutions that form the cornerstone of financial security.”
ACLI officials said among households considered to be most financially secure, 25 percent earn $50,000 or less while among households that need significant financial improvement, 25 percent earn $72,000 or more.