AXA Urges Educators to Plan for a Retirement of At Least 25 Years
February 10 2016 - 12:45PM
Business Wire
One of the biggest risks to a secure retirement could be
unrealistic expectations, particularly about how much money one
will need to maintain the living standard that was the norm while
working full time, according to an AXA executive who spoke today at
The School Superintendents Association (AASA) meeting in
Phoenix.
Making use of professional advice can have measurable benefits
on the retirement resources that savers might accumulate. According
to an AXA study of 403(b) plan participants, those who used an
advisor had approximately 34 percent higher median account balances
than those who did not.
“You or your spouse may live to be 90 or 95 years old – do you
have enough money to live more than 25 years in retirement?” asked
Fred Makonnen, a regional vice president with AXA Advisors.
Makonnen’s remarks were part of his research round table
presentation on “Retirement Challenges, Solutions & the Role of
the Plan Sponsor” during the AASA’s National Conference on
Education. The conference expects about 2,000 attendees.
Makonnen said that, in his experience, about half of the people
he has worked with actually expect their expenses to decrease in
retirement and that well over two-thirds actually don’t know how
much they’ll need at retirement, nor have they developed a written
retirement plan.
Makonnen recommended that people start preparing for longevity
by starting to set aside retirement funds now, increasing their
current contributions, and perhaps even working longer.
“Helping educators do their best with students every day
requires that they feel comfortable with their financial futures as
well,” said Michael Phifer of Maslansky and Partners, a consulting
firm that also participated at the round-table session.
AXA is a lead sponsor of the AASA event.
About AXA
“AXA” is a brand name of AXA Equitable Financial Services,
LLC and its family of companies, including AXA Equitable Life
Insurance Company (NY, NY), MONY Life Insurance Company of America
(AZ stock company, administrative office: Jersey City, NJ), AXA
Advisors, LLC, and AXA Distributors, LLC. In business since 1859,
AXA Equitable Life Insurance Company is a leading financial
protection company and one of the nation’s premier providers
of life insurance, annuity, and financial products and
services distributed to individuals and business owners through its
retail distribution channel, AXA Advisors, LLC (member FINRA, SIPC)
and to the financial services market through its wholesale
distribution channel, AXA Distributors, LLC.
AXA S.A. is a Paris-headquartered holding company for a group of
international insurance and financial services companies, including
AXA Equitable Financial Services, LLC companies. AXA S.A. is a
worldwide leader in financial protection strategies and wealth
management with 103 million clients in 59 countries as of Dec. 31,
2014. AXA S.A. has been ranked the No. 1 insurance brand in the
world by Interbrand for seven consecutive years as of Oct. 5,
2015.
The obligations of AXA Equitable Life Insurance Company and MONY
Life Insurance Company of America are backed solely by their
claims-paying ability. Find AXA
on Facebook, Twitter and LinkedIn. For more
information, visit www.axa.com.
GE-111443 (2/16)(Exp. 2/18)
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160210006275/en/
Media:AXAJohn Cline, (212)
314-5142john.cline@axa.us.com
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Apr 2023 to Apr 2024