SACRAMENTO – As National Retirement Planning Week kicks off, the California Department of Insurance is encouraging Californians to rethink their retirement plans by making sure they are prepared.

"I'm urging Californians to take the time today to think about how they are securing their financial future," said Insurance Commissioner Dave Jones. "It's easy for your everyday life to take priority over planning for the future, but being proactive now is essential to your long-term financial well-being."

According to a 2017 study by the Insured Retirement Institute, a substantial percent of millennials are unsure of how they will use their savings to generate sustainable income.

Many of those entering retirement today are largely unsure of their financial futures, but there are steps everyone can take, from students to grandparents, to prevent financial uncertainty and hardship in their golden years.
Creating a financial plan can restore confidence and build savings for those post-working years. The earlier people start planning, the better off they will be.

The Department of Insurance offers a number of resources to assist consumers making smart investment decisions involving insurance products, such as annuities, to determine if these are the right products for you.

The department has additional resources, specifically for consumers such as baby boomers who face the challenge of caring for aging parents and sending their kids off to college while planning for their own retirement.