Then & Now

"Reaching The Woodstock Generation"  +

December 15, 2020

Americans age 65 or older are working or looking for work

1 in 5 Americans age 65 or older are working or looking for work. 1 Why do so many expect to postpone a typical, leisure-filled retirement? One theory points to the decline of pensions and the need to replace the income stream that used to come—guaranteed—from a past employer. Approximately 14% of private-sector employers offer defined contribution or traditionally defined benefit pension plans.2 And traditionally defined benefit plans are disappearing as only 16% of Fortune 500 companies offered defined-benefit pensions to new employees.3 

Private Pensions

are becoming rarer, guarantees in retirement may be few and far between, but it doesn’t make them any less important. For starters, guarantees might make you happier. Research shows that retirees with some form of insurance (e.g. annuity or LTC) spend more freely and improve their quality of life in retirement.4 That’s because you’re more likely to be confident spending money when you know another check is right around the corner. 

Guarantees can also help you be more confident through market ups and downs. Guarantees can be the guardrails you need to stay the course when investing, knowing that you have some protection built into your portfolio. And, with Americans living longer than ever before, guarantees5 in your overall retirement plan, which can be provided by fixed annuities, may help assure that your money lasts as long as you do. 

Just as no two retirements are alike, not all guarantees are alike, so it’s important to understand the options available to you and to identify what’s appropriate for  your own retirement. 

This educational, third-party article is provided as a courtesy by Barbara Carter,  Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Barbara Carter at

1John F. Wasik, “Why Working Past Retirement Age Makes Sense,” Forbes, June 3, 2019. 2“Ultimate Guide to Retirement,” CNNMoney 2018.  3 Gabrielle Olya, “14 Companies That Still Offer Pension Plans,” YahooFinance, June 6, 2019. 4 The Decumulation Paradox, Investments & Wealth Monitor, July / August 2018.  5 Guarantees are dependent upon the claims-paying ability of the company issuing the annuity.

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