A sizable percentage of Americans experienced hits to their retirement savings as a result of the Great Recession, and new studies reveals some individuals are attempting to get their nest eggs back on track.
The results of the 2012 U.S. Individual Annuities Sales survey conducted by research group LIMRA reveals that total annuity sales increased to $57 billion during the second quarter of 2012, a 4 percent increase from the first quarter. Although the second quarter figures are 8 percent lower than those recorded during the same period in 2011, the increase reveals Americans' renewed focus on building a solid foundation of retirement benefits.
"The current economic conditions remain challenging for most insurers, driving overall annuity sales down," said Joseph Montminy, assistant vice president of LIMRA annuity research. "The one bright spot this quarter were indexed annuity sales, which are on pace to have a record year."
Annuities are a common retirement vehicle among Americans because they provide a guaranteed source of income during their golden years that other investment vehicles may not afford them.
Bankrate.com's August Financial Security Index reveals 18 percent of Americans are saving more for retirement in 2012 than they were last year.
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