A report shows most Americans' optimism toward their personal finances faded in recent weeks, mostly because many now feel less confident in their retirement nest eggs.
The Country Financial Security Index reported a one point decline in June to a reading of 63.7. The drop was precipitated by changing feelings among future retirees, 51 percent of whom said they will not have enough money to enjoy retirement comfortably. That was the lowest percentage to answer that way since the survey was first developed in February 2006. The report added that the index has been fading since October 2010.
"With the slow-to-recovery economy, rising food and gas prices and discussions over government entitlement programs, concern over retirement is understandable," said Keith Brannan, a financial services executive. "If you're feeling uncertain, reassess any long-term financial plans and identify potential cracks in your retirement nest egg."
A life insurance policy can play a pivotal role in consumers' retirement solvency. Annuities can be used to provide steady income through the end of their life, and a term life insurance can provide them with the financial comfort that their family won't be lacking money after they pass away, experts say.