Certain factors changing face of retirement

Jun 21, 2011

Some older Americans have more financial concerns to worry about

A report says seniors planning for retirement need to be aware of a number of policy and social changes taking shape within the next few years. Insuring against loss with a term life insurance policy can also be one way for those seniors to stay ahead of big retirement challenges.

The Associated Press reports retirees needs to be on top of their personal finances, and says they can do so by understanding the effect of policy changes. Much has been made of pending changes to Medicare coverage, and the source advises seniors protect themselves by purchasing separate health insurance, possibly through a Medicare Supplement plan. After all, the report says, Medicare was only meant to cover major medical expenses and not common trips to the dentist.

Seniors also need to be aware that Social Security is not meant to be a major source of retirement income but rather should supplement other savings measures. Long-term care insurance, often offered through life insurance companies, can also be a vital purchase for seniors, said the report.

Ultimately, a senior's retirement planning could be undone with one unfortunate incident, necessitating a strong term life insurance policy even into retirement, experts say.

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