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New Habits May Include Buying an Annuity

In “Save Yes. Spend No. Lessons we’ve learned from the recession” by Geoff Williams of Wallet Pop, he summarizes the new habits that may help the next generation avoid financial struggles.  MetLife surveyed 2,200 adults and found that they have made important changes in their spending habits.  They are not spending as much money on non-essential items, are building up cash savings, and are saving more by using guaranteed income or low-risk products such as an annuity.

While 15% of those surveyed said they have spoken to a financial adviser and/or updated their portfolio to reflect economic changes, 15% is a relatively low number.  Many people either don’t have the money to save right now or think that they don’t have the money to save.  Those are precisely the consumers that should seek advice from a professional because they can help you “find” the money to protect your future.  Williams stresses the benefits of purchasing an annuity or other low-risk investment: a guaranteed stream of income that will continue over your lifetime.  A financial adviser can search for the best annuity rates and match consumers with a product that is right for them.  It is wonderful that people are more concerned with their financial future now; speaking with a financial professional is just another aspect of that.

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