Their financial situation is increasingly becoming a key determinate for when baby boomers retire, a report said.
A survey by the Center for a Secure Retirement reports 73 percent of the nation's middle-income baby boomers say their financial situation now trumps their age in terms of factors that determine when they will retire. Roughly 33 percent of respondents say they'll likely retire sometime after the traditional retirement age of 65, while 31 percent say they have no clear idea when exactly they'll stop working.
Recent data shows many more retirees face an unclear post-work situation, putting increasing importance on the purchase of a term life insurance policy for these consumers.
"On the new road to retirement, the majority of Americans can now retire only when they feel they can afford to do so," said Scott Perry, one life insurance executive. "Now is the time to examine your financial expectations for retirement and make adjustments that can help to improve your financial security and, ultimately, the enjoyment of your retirement years."
Life insurance is becoming an important financial tool for many older Americans, some of whom rely on fixed annuities for steady income in their later years.