Annuity information and education online is hitting all-time highs every month! That is great news, although probably not surprising given that our entire lives seem to be run by digital technology. It is tough to walk through a mall, airport, or any public area and find someone who doesn’t have a smart-phone or iPhone in their hand.
As the record breaking (approximate) 10,000 baby boomers hitting 65 every single day for the next decade, the need for guaranteed lifetime retirement income is on the rise. Since 401(k)’s and traditional qualified retirement plans have been exposed to not providing a contractual lifetime income, annuity sales are poised to set all time records as well. In fact, one report shows total annuity sales trending to $368 billion by 2014! And with the increased demand for annuities comes an increased demand for annuity education. Where do you suppose that retirees, baby boomers, Gen X, and Gen Y consumers are going to find annuity education? Online of course!
Limra, one of the leaders in retirement research, just announced their latest technology research that revealed annuity research online had exploded. The report showed that 61 percent of consumers researching annuities did so online. Compare that with only 38 percent of consumers that looked online in 2006. The big surprise in the report was that 69 percent of consumers sought their annuity information from their agent, broker, or financial advisor. However, we are willing to bet that most of the same 69 percent who went to their broker, also went online to check out their recommendations, etc.