Reduced income, lack of financial plan a concern for seniors

May 17, 2011

Seniors need to practice strong financial planning

A survey of seniors and their finances showed many are concerned not only about their reduced income levels come retirement, but also because they lack a firm financial plan.

Nearly 57,000 Americans age 55 and older were polled by GreenPath Debt Solutions, with 38 percent saying reduced income was their primary cause of hardship. Nearly as many - 29 percent - said they lacked a financial plan, which left them without a sense of direction when it came to managing their finances. Seniors could receive peace of mind from both concerns with a term life insurance policy, though experts say many remain concerned they won't be able to maintain their present lifestyle - or any at all - once they retire.

"Many people had a lot of their retirement investments wiped out during the recent economic downturn and are realizing now that their income has been greatly affected," said Dorothy Barrick, GreenPath group manager and counselor. "In addition, those that were able to retire recently have been faced with lower returns on their investments and social security."

Reduced income could become an even more pressing concern for retirees' families if their main breadwinner passes away. Protecting their financial future with a life insurance policy could help seniors plan for retirement.
 

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