How much money do you feel you need to save in order to maintain a healthy retirement? Even with unexpected costs or long-term care expenses, do you have a savings goal for retirement?

According to a recent article in ThinkAdvisor, a Schwab survey stated that most Americans believe they need about $1.7 million in order to retire. However, the same survey stated some interesting facts:

• 60% use a 401(k) plan as their largest source of retirement savings
• 51% contribute less than 10% of their salary to a 401(k) plan
• $8,788 is the average annual contribution
• 23% contribute maximum allowed in 401(k) plans ($19k annually for under 50; $25k for 50 and older)

One of the reasons more people don't contribute toward their retirement savings involves unexpected expenses, credit card debt, monthly bills, quality of life, medical bills, children's education, and student loans. In the survey, 9% of participants also stated "I don't know how to plan for retirement."

Annuity Alliance is here to help those who don't know how to plan or would like to better plan for their retirement by using annuities as a guaranteed income stream during their retirement years. Need some assistance with your planning outside of just a 401(k) account? Click the button below to receive your annuity report and to talk to one of our licensed professionals!