Bank brokers and other financial advisers haven't fully addressed the retirement needs of their customers, according to a top life insurance executive.
The comments of John W. Rosenthal, president and chief executive of Keyport Life insurance, followed a survey his firm conducted which concluded that investors dramatically underestimate their savings needs.
Mr. Rosensteel said there's a "hell of a lot of recognition by banks to address the savings needs of their customers." However, once customers have money accumulated in a retirement fund, "there needs to be programs in place to convert those savings into income for them after they stop working full time."
The survey, which was based on telephone interviews with 753 working and retired people, found that 66% of respondents expect their standard of living in retirement will be the same or higher during retirement.