Life insurance, taxes, and a wide array of other factors could cause a retiree's quality of life to vary, says a report in the Newark Star-Ledger.
One couple, referred to as "Robert" and "Myrna" in the report for privacy reasons, consulted with a certified financial planner to help them gauge what kind of retirement they were in for, the Star-Ledger says.
While one scenario, which discounted any potential long-term care or life insurance costs, indicated Robert and Myrna could retire next year, the other two would delay it until at least 2015, according to the paper.
The financial planner, James Ciprich, told the Star-Ledger that Robert was probably under-insured. He said Robert should have at least a million dollars in umbrella liability coverage to ensure Myrna would be able to live comfortably in the event of his death.
Other experts point out that life insurance can also be used to help feather one's nest egg, since whole life policies frequently contain an investment portion which can contribute earnings to a retirement fund.