Life Insurance Quotes

Americans planning for retirement early

01/30/12

Young workers are beginning to plan for their retirements after seeing the struggles of their parents, many of whom have been forced to work longer because of a stagnant economy.

Americans in their 20s aren't expecting to receive Social Security or traditional corporate pensions to fund retirement, CNBC recently reported. After some witnessed their parents' lack of preparation for retirement, younger Americans are making sure they are ready for retirement in ways their parents didn't consider. Still, many are struggling to know what the best planning strategies are.

“It’s intimidating," Elena Nikolova, a 23-year-old associate for an energy consultant group in Washington, D.C., said to CNBC. "First of all, I don’t know what to invest in, and I’m not even sure this money is going to grow. I feel like I need to hire somebody to do it for me, which defeats the whole purpose.”

Young workers are seeking out other investment options besides 401(k) plans,opting for saving money in individual retirement accounts through local banks, the source reported.

According to statistics from the office of House Majority Leader Eric Cantor, 10,000 baby boomers turn 65 each day, which might be an issue, considering an alarming number aren't prepared for retirement. Forward-thinking young adults would do well to consider annuities and life insurance as they plan for the future, as annuities offer a stable investment option for retirement income and life insurance rates are often most affordable for younger policyholders.

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