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 Contact: Donna Tommelleo, 860-297-3958

 

Commissioner Wade Encourages Citizens
To Take Time Today to Plan for Retirement Tomorrow

 

Department Participating in National Retirement Planning Week (April 9-13)

 

Want to retire on your own terms? There’s no better time to start than right now and the Connecticut Insurance Department has partnered with the National Retirement Planning Coalition this week to provide resources to help you grow that nest egg.

“Planning for the future can be a daunting task, particularly with all the pressures of daily life, but taking the time now to focus on your financial future is one of the most important things you can do,” Commissioner Wade said. “The Department is helping to promote National Retirement Planning Week by providing the facts and helpful resources to get you on your way.”

According to the Coalition:

• 55 percent of Baby Boomers have saved for retirement
• 25 percent of Baby Boomers expect to receive income from a pension
• 73 percent of Generation X have saved less than $150,000

“Be proactive and review your finances and we encourage you to take advantage of these helpful resources, not only this week but year-round,” Commissioner Wade said. “The Insurance Department is here to help with your questions or concerns.”

The Coalition comprises financial education, consumer advocate and financial services organizations and recognizes the need to educate Americans on retirement planning. For more information and to access retirement planning tools and related resources go to: www.retireonyourterms.org

 

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About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. Each year, the Department returns an average of $100 million a year to the state General Fund in license fees, premium taxes, fines and other revenue sources to support various state programs, including childhood immunization.

 

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