Afraid of Dying? You'll Avoid Annuities
I can so relate to this. A new study says that many of us baby boomers may not be able to retire at 65 and maintain our style of living because we're afraid to think about dying . Say what? Yup. Roughly 52 percent of American households will not have enough retirement income to maintain their standard of living if they retire at 65.The reason? People are afraid of thinking about their own death, according to newswise.com. Fear of death tempts people to avoid making decisions about how to manage their savings during retirement. Researchers from Boston College in Massachusetts decided to investigate why so few people choose to invest in annuities, a guaranteed steady stream of income during retirement. The public's lack of interest in annuities, known as the "annuity puzzle," has stumped researchers for decades. The investigators explored a new solution to the annuity puzzle: What if people avoid this option because it evokes thoughts about mortali...