According to baby boomers, modern retirement programs might not cut it

Aug 04, 2011

Todays generation of seniors are having a harder time finding a retirement plan that's right for them.

While today's generation of seniors may have been able to accept retirement, next generation baby boomers might not experience as smooth of a transition. Today's pension policies and flaky income are making for a much harder decision, and retirement during previous economies sounds like a little slice of heaven.

Bankers Life and Casualty conducted a study and found that 67 percent of middle-income Americans from the baby-boomer period expect having a tough time settling into a life of retirement, and cite a few legitimate concerns.

Pensions and guaranteed income are two of the most sought after supports that aren't as accessible today. Because of it, however, their biggest fear is still having responsibilities to younger family members.

"Boomers anticipate having to financially support at least one adult person during retirement and 15 percent expect that person will be an adult child or children, rather than an elderly parent," the source said.

Supporting relatives with scarce post-employment programs might bring more value to certain life insurance policies. Since permanent life insurance can be used as an investment, retirees can substitute for things like 401k's. "The main advantage is that you can borrow from this cash value for things like retirement or education expenses without paying taxes on it," according to Forbes.

Issues these individuals raise may be a good enough reason to compare life insurance quotes in an era of retirement that's nothing like it used to be.

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