A report says consumers are keeping an eye out for certain economic conditions out of concern for their retirement accounts. Many would be wise to protect their income with a term life insurance policy at a time when the economy remains a major question mark.
The Society of Actuaries released its report, titled The Impact of the Economy on Retirement Risks. The study revealed 38 percent of retirees and 49 percent of Americans approaching retirement age are much more concerned about their financial situation now than they were before the economic downturn, with 64 percent of pre-retirees adding they feel they'll have to work longer to compensation for that concern. Many cite worries regarding inflation and changing interest rates as a leading concern, though the report found few have protected themselves with wise investment strategies such as a life insurance policy.
"The recession should have served as a wake-up call, yet our report demonstrates that for too many pre-retirees, planning horizons are much shorter than their remaining life expectancy, with the majority failing to plan for the financial consequences of living beyond that point," said actuary Steve Vernon.
Though falling interest rates have helped many consumers afford long-term purchases, such as a mortgage, they've also threatened the savings of retirees around the country, according to a report from the Wall Street Journal.