Many Americans are living longer than ever before, but along with that comes the reality that people aren't saving enough for their later years. Coupled with the economic downturn, it's quite possible many people may not have enough funds to comfortably live.
Research from the Society of Actuaries reveals almost half of older Americans have not prepared themselves financially for their later years.
Anna Rappaport says there are multiple factors contributing to people's lack of preparedness.
"With the challenges in the housing and financial markets over the past few years, coupled with the fact that people are living longer, many baby boomers are finding themselves unprepared to maintain their lifestyle in retirement," says Rappaport.
For those who are quickly approaching retirement age, there are actions that can help bring financial security. Purchasing an annuity is one way people can make sure they have a steady income.
People may also want to consider purchasing a life insurance product. Depending on policy type, the coverage can have a cash value in addition to a death benefit.