A report showed financial stress has encouraged nearly three-quarters of baby boomers to reconsider their retirement plans, with many worried they will outlive their income. A term life insurance policy could go a long way toward restoring these consumers' financial confidence.
The study, conducted by the Center for a Secure Retirement, spoke to 500 Americans between the ages of 47 and 65 making between $25,000 and $75,000 annually. Of that sample, 73 percent said they've had to start over when it comes to retirement planning, while 79 percent said they're putting off retirement by an average five years in order to shore up their savings. Fourteen percent said they don't think they'll ever stop working.
The stress was led by concerns over shrinking retirement accounts and low savings.
"Whether you hope to retire in five or 15 years, it's not too late to create an achievable plan," said Scott Perry, president of a national life insurance company.
Securing a term life insurance policy can help seniors protect against uncertainties, preventing their retirement plans and family's lifestyle from being thwarted by an unforeseen incident, experts say.