Financial worry increasing for many baby boomers

May 04, 2011

Older Americans planning for retirement should consider life insurance

A strong life insurance policy may help ease many baby boomers' concerns that their retirement plans are not substantial enough to help keep them afloat when they've stopped working.

According to a poll taken by the Associated Press and, 44 percent of Americans between the age of 45 and 65 do not believe they can retire comfortably, with 57 percent saying they've lost a significant portion of their nest egg in the economic downturn. Many of them have said they'll have to delay their retirement as a result of that loss, and a startling 62 percent of consumers are relying heavily on Social Security as a source of retirement income, despite estimates that the federal program will run dry in 2037.

"Boomers are facing one of the most daunting retirement income challenges in history," said financial expert Valerie Coleman Morris, who suggested baby boomers take steps to shore up their retirement income. "Start by saving a little bit of money from multiple places - modify cell phone plans, reduce cable channels, look for cheaper insurance, shop with coupons - rather than thinking of savings as what you put away after you take care of everything else."

Reports say Americans are frequently passing on life insurance policies as a way of saving money, with many unaware of their affordable price or value as a retirement tool.

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