Only 13% of the participants were in their 50s, and 53% were in their 60s. Most of the rest were ages 70 through 80.
Satisfaction: The NAFA survey annuity satisfaction levels compare with a satisfied-or-very-satisfied level of 78% for banks’ credit cards and debit cards, which was reported in recent American Bankers Association survey results.
Gallup recently found a satisfaction level of 89% for the way things are going in the personal lives of people with an annual household income over $100,000. The firm reported an overall personal life satisfaction level of 78%.
Details: Many states are now implementing annuity sales rules that require annuity professionals to act in the best interest of the clients.
About 90% of the NAFA survey participants said they believe their annuity professionals had their best interests in mind.
About 45% of of the fixed annuity owners and 43% of the indexed annuities bought their contracts using cash that was not part of a 401(k) plan, an IRA or another arrangement that would be subject to the Labor Department’s proposed investment advice fiduciary definition.
Only 22% of the participants’ fixed annuities and 16% of their indexed annuities had an estimated value over $350,000; 22% of the fixed annuities and 32% of the indexed annuities had an estimated value under $100,000.
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