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Rising Life Expectancy Driving US Annuity Market towards 11% Growth
Jul 24, 2008
RNCOS, a leading market research firm, has found that considerations for individual annuities in the US are expected to grow at a CAGR of around 11% from 2008 to 2012. This has been revealed in the new research report of the company, “Retirement Solutions Market in US”.
According to the report, improving life expectancies and receding mortality trends are the major reasons encouraging Americans to go for annuities to avoid any chances of outliving their financial resources at the older age. For instance, the aggregate, age-adjusted death rate (per 1,000) fell from 17.9 in 1940 to 8 in 2005. With falling mortality rate, life expectancies too are improving radically. For instance, a 25-year-old during 1900-02 could think to live 39.1 years more, but in 2004, this figure rose to 54. Hence, rise in life expectancy rate is a good prospect for annuities because it is forcing Americans to save now and expend at later stages of life.
Besides rising life expectancy and falling mortality rates, Americans are under strong pressure from surging healthcare cost at the older age. As a result, they are increasingly considering annuities for a safe future, says the RNCOS research. The report has done an analysis of per capita healthcare expenditure and found that older people spend more on healthcare than young people. Hence, Americans need annuities to cover up their expenses, including healthcare at the older age.
The new research report by RNCOS comprehensively discusses vital issues related to retirement solutions in the US and provides forecast on various parameters such as population in the age group of 65 years & above, private defined benefit plan assets, individual retirement account assets, defined contribution plan assets, government pension plan assets, individual annuity consideration, supplementary contract consideration and group annuity consideration.
“Retirement Solutions Market in US” thoroughly analyzes the private sector pension plans, both defined benefit and defined contribution, government pension schemes, individual retirement accounts, and annuities. The report is intended to help clients by providing relevant and crucial information about opportunities in the sector.
For more information visit: http://www.rncos.com/Report/IM106.htm
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