Many Americans unsure of retirement income source

Jun 30, 2011

Some seniors are unsure where their retirement income will come from later in life

A report says one in five American workers doesn't know where their retirement income will come from once they stop working.

The study from HSBC Insurance Holdings finds many younger Americans fear for their retirement security and expect to be in worse financial shape than their parents once they hit retirement. That's almost the exact opposite sense that consumers in Eastern parts of the world feel - many of whom there remain confident that their savings and financial standing will serve for a fruitful retirement.

The findings show the importance for many consumers to consider life insurance protection in the event of an unforeseen incident that may disrupt their retirement planning.

"A significant shift in retirement wealth, expectations and outlook is taking place around the world. There is a large 'preparedness gap' between retirement hopes and actual plans. However, future retirees can bridge this gap with financial planning and achieve a 'planning premium' - reaching their financial goals and once again associating retirement with freedom, happiness, satisfaction and hope," said executive Patrick Cozza.

Experts say life insurance is a critical aspect to consumers' retirement plans, as it can often be used as a way to pass down inheritances or yield returns that can supplement income in later years.

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