Concentrate on Saving for Retirement Income Not a Big Nest-Egg Number

Investors should focus on generating enough replacement income in retirement to last a lifetime rather than on one big nest-egg number, said Rich Linton, President of Large Institutional Corporate and Individual Markets at Voya. Linton added that income in retirement is one of the most misunderstood concepts among American savers, adding that 80% of working Americans would feel more confident if they knew what their retirement savings would translate into in terms of future monthly income. He said concerns around the longevity of the Social Security program is causing workers to shift the way they look at retirement income. Linton said millennials understand that Social Security is likely not going to be an option for them with 82% saying it will pay them nothing or only a small amount by the time they retire. Finally, he said investors can also leverage products like annuities to generate retirement income

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