Americans need to change game plan for retirement saving

Apr 18, 2011

Americans need to develop a solid plan for saving for retirement.

More than half of Americans between the ages of 42 and 49 believe they have a greater chance of being struck by lightning than collecting their complete due of Social Security benefits during retirement, a situation that the Minneapolis Star Tribune said may not be too far off.

Increases in life expectancy - combined with the weakening Social Security System - means that Americans need to acquire enough assets that will last for 30 years of retirement or longer, reported the newspaper. One in four 65-year-old men reaching retirement will live until 89, according to LIMRA, while a woman that age has a 25 percent chance of surviving until age 92, reported the source.

The paper said people need to calculate their realistic income needs during retirement to come up with a functional and attainable amount to save, according to the paper. Traditionally, some individuals have blindly focused on accumulating wealth for retirement instead of coming up with a solid plan to support their lifestyle during their golden years.

Adults who don't already have life insurance may want to purchase one as a retirement safeguard. Some companies offer long-term care rider that can be used to cover the policyholder's medical expenses, while some policies build up tax-deferred cash values that can be be withdrawn if needed. 

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