NAIFA Arizona

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LIMRA reveals growing interest in annuities among middle-income Americans as they face increased longevity, market volatility risks. Study found 88% middle-market Americans value peace of mind that annuities provide; 50% interested in converting some retirement savings to annuity

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Americans report that they are more likely to regret failing to build up their retirement savings or emergency funds than taking on debt, according to a Bankrate report. 4 in 10 people say they have made no progress in addressing their financial regrets during the past 12 months.

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A recent report from the Social Security Administration's Office of the Inspector General indicates that there were almost $72 billion in improper payments from fiscal years 2015 through 2022. Most of these were overpayments, according to the report.

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A Forbes Advisor survey found that people have misconceptions about how much life insurance costs and what it covers. Eighty-two percent of respondents overestimated the cost of a term life insurance policy and only 51% knew that the policies cover deaths from illnesses.

[NAIFA Arizona @NaifaArizona]

Average list prices of top 25 Medicare Part D brand-name script drugs soared by 226% since they entered the market, according to an analysis of AARP's Public Policy Institute. Prices jumped for drugs on the market at least 20 years seeing their average lifetime price soar by 592%

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Total annuity sales reached a record $182.7 billion in the first half of the year, up 28% compared with the same period in 2022, according to LIMRA. Indexed products -- including registered index-linked annuities -- have helped to drive the growth, LIMRA said.

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House Financial Services unanimously passed the Senior Security Act; bipartisan bill seeks to strengthen protections for older Americans against fraud. Bill has Securities & Exchange Commission investigate fraud & recommend to Congress ways to better protect vulnerable Americans.

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Life insurance application activity rose 3% year over year in February and 8.9% among people 30 and under, according to new data from MIB Group.

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TransAmerica Center for Retirement Studies found 67% of Gen Z members who have access to a retirement plan are saving in it; more than 30% of Gen Z respondents said they are prioritizing retirement savings. Median retirement savings for workers age 18 to 25 is $33,000.

[NAIFA Arizona @NaifaArizona]

Inflation is taking a toll on retirement confidence, and 62% of women and 47% of men believe they will have to push back their retirement date or continue working indefinitely, according to a Nationwide Retirement Institute survey.

[NAIFA Arizona @NaifaArizona]

The percentage of women who own life insurance has declined for the sixth straight year, according to a study by LIMRA and Life Happens, with only 46% of women owning a policy, compared with 53% of men.

[NAIFA Arizona @NaifaArizona]

Elevated inflation is taking a toll on retirement savings, according to a Morgan Stanley survey, which found that 31% of respondents have reduced 401(k) contributions. The impact is especially pronounced among millennials and members of Generation Z, the survey shows.

[NAIFA Arizona @NaifaArizona]

Average spending on employer-sponsored health care benefits is predicted to climb by 6.5% next year, driven by inflationary pressures, according to a report from Aon. The projected growth is more than twice the 3% increase employers experienced between 2021 and 2022

[NAIFA Arizona @NaifaArizona]

The cost of long-term care rose last year, with the median expense for a home health aide up 12.5% and the median annual cost for a room in an assisted living facility up 4.7%, according to a survey by Genworth.

[NAIFA Arizona @NaifaArizona]

Household debt climbed by $1.02 trillion in the US in 2021, marking the largest yearly gain since 2007, according to the Federal Reserve Bank of New York. Wealth has also increased during the pandemic.

[NAIFA Arizona @NaifaArizona]

The US life insurance industry is on track to report at least 6.5% growth in "premiums and considerations" for 2021, the highest since 2011, and could even exceed 2006's 8.1% growth, according to a S&P Global Market Intelligence Report.

[NAIFA Arizona @NaifaArizona]

Americans' stress about finances has increased in the past six months, with 32% reporting they are "highly stressed," according to LIMRA's October 2021 Consumer Sentiment Study, up from 25%. Saving enough money for retirement is top concern, with 43% saying they worry about it.

[NAIFA Arizona @NaifaArizona]

One-quarter of respondents to a survey by Allianz Life Insurance of North America said they viewed inflation as the biggest threat to their retirement security, compared with 8% who did so last year. Forty-eight percent of respondents cited the pandemic as the biggest risk.

[NAIFA Arizona @NaifaArizona]

The 10-year break-even inflation rate, considered a barometer of future inflation, has reached 2.62%, the highest level since 2012. The increase "is certainly evidence that there is a lot more inflation on the horizon," BMO Capital Markets analyst Ian Lyngen says.

[NAIFA Arizona @NaifaArizona]

Life insurance application activity increased 3.7% in September compared with a year ago, according to MIB Group. Activity was up in all age groups except among those 61 to 70 years old.