Procrastination and Retirement Planning, It Is Time To Take Action

By |2015-05-22T05:18:53+00:00March 26th, 2014|Retirement Planning|

By Jim Gaines

Ever wonder about retirement? Ever wonder how you compare to other people in your age group?

The following is a survey conducted by LIMRA Secure Retirement Institute and was mentioned on CBS News. (

If you’re age 55 or older, here are two critical questions for you:

  1. Do you know how you’ll use your retirement savings when you retire?
  2. Do you have a specific strategy for using your savings to generate retirement income?

You wouldn’t be alone if you answered no to either or both of these questions. According to a recent survey conducted by LIMRA, one out of four employees age 55 and older answered “no” to the first question, and three out of four answered “no” to the second.  That is staggering to me, how could such a large percentage have no clue about this important time of their lives. Understanding basic income and retirement needs seems at the least a very important question.

The report also went on to say: Among the three- quarters of older employees who lack a retirement strategy, by far the most common reason cited was simple procrastination.  Consider these percentages:

  • 42 percent of older employees simply haven’t gotten around to coming up with a plan.
  • 25 percent of older employees also said they were not  close enough to retirement to create one.

If your age 55 or older, you’re old enough to need a strategy for developing guaranteed income in retirement. Stop letting procrastination control your retirement plans and consider available options.  In the simplest form it is income, we all need income and we need income that is meaningful.

Gender designation is also an important part of the findings of this survey. Women are much more likely than men to avoid planning how they’ll use their retirement money to provide income when they retire. In retrospect, this is a big mistake because women live longer than men and need  to make their retirement funds last for a longer period.

Learning how to generate guaranteed income from your 401k (or IRA) is one of the  most critical retirement planning tasks facing employees age 55 and older today.

Here are two commonly used ways to generate guaranteed income from your 401k at retirement:

  1. Systematic withdrawals from principal and interest until the funds expire.
  2. Immediate annuity, allowing a third party (insurance company) to absolve management and risk responsibilities for you.  The amount of monthly income your funds generate are paid to you (and your spouse) for the designated time period (even lifetime).

Considering a system providing income guarantees can help reduce stress and provide a more enjoyable life.

Here is the link to the LIMRA survey:




About the Author:

Jim Gaines has enjoyed helping people protect their retirement money in the La Jolla section of San Diego, California. Web Site: