Older Americans creeping toward retirement age said they're not clear on when they're going to stop working or where money will come from once they do.
The Insured Retirement Institute said that uncertainty places a heavy burden on retirees to plan ahead and prepare themselves for the end of their career through savings and protection such as life insurance. The institute's eight-point plan lays out a strategy for baby boomers approaching retirement age, focusing on the setting of reachable goals, taking baby steps to reduce debts, and then mapping out a long-term plan for savings and investments.
At that point, retirees can "build muscle" by saving their money, making smart investments, and protecting their assets with life insurance. Taking care of their own health, receiving help from financial experts, and monitoring their progress regularly will keep retirees on track, said the group.
"Achieving life-long financial health is not a daunting task when broken down into manageable steps," said IRI president and CEO Cathy Weatherford. "Just as it is important to be aware of your physical health, it is equally as important to monitor your financial well being."
Data shows Americans are living longer than ever, putting a greater level of importance on their ability to care for themselves financially down the road. That makes a term life insurance policy valuable even for empty nesters approaching old age, experts say.