A report says a majority of baby boomers nearing retirement age fear they won't have enough income to keep themselves afloat once they stop working, showing the importance of a strong life insurance policy to serve as a fallback plan in case the unthinkable happens.
According to the Insured Retirement Institute, nearly seven out of 10 baby boomers who are currently within five years of retirement say they are concerned about their income levels after they stop working. With as many as 1 million baby boomers expected to turn 65 by the end of the year and an additional 4 million turning 60 each year for the next 18 years, experts say that puts even more emphasis on older Americans' needs to take the time to prepare themselves.
"As Boomers march toward the next great chapter in their lives, many are rightfully concerned about whether they will have enough money to retire," said Gary Bhojwani, president and CEO of one national provider. "We have the opportunity to stem this rising tide of aincomenxiety by increasing consumer awareness surrounding retirement planning. A financially secure future is still attainable for millions of Americans."
Life insurance providers across the country will sponsor National Retirement Planning Week from April 11 to 15.