Baby boomers concerned with healthcare, living expenses

Jun 29, 2011

Baby boomers are concerned with their living expenses after retirement

A report said the costs of healthcare and the fear of out-living their income are the top concerns for baby boomers around the country. Many might find peace of mind through a strong term life insurance policy.

The study, conducted by the Center for a Secure Retirement, spoke to 500 Americans between the ages of 47 and 65, all of whom earned between $25,000 and $75,000 annually. Ultimately, 95 percent expressed concerns when it comes to retirement finances, with 80 percent singling out the cost of healthcare as a particular concern. Many have cut down on their discretionary spending to compensate, while others have taken the more drastic route of passing on doctor's visits and preventative care measures.

Those actions could have the unintended consequence of putting them in a position of poor health, said the report. Proper retirement planning, in conjunction with a life insurance policy, is the best way to ensure financial health, said experts.

"Adequately planning and saving for retirement now is the best defense against life's unexpected financial burdens later," said Scott Perry, president of a national insurer.

A term life insurance policy can offer retirees the extra peace of mind that comes with knowing one's family is protected if the primary breadwinner passes away.

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