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Retirement years approaching for unprepared Americans

12/07/11

Americans who realize that their retirement years are quickly approaching are showing signs of worry, with many having no savings or annuities in place to support them.

According to a Chicago Sun-Times article, after a decade of stagnant movement in the stock market and high unemployment rates, Americans who are 50-60 years of age are finding themselves at a disadvantage when it comes to retirement plans.

“We were in our 30s, blinked, and now we’re our parents’ age,” said Alan Tipps, a corporate jet pilot, to the Sun-Times. Tipps typically earned $100,000 a year, but was laid off three times in the past four years and had to go through the money in his 401(k) to pay the bills.

With the number of people reaching retirement soaring as the Baby Boom generation ages, many of them are looking for any way possible to make extra money, according to the newspaper.

The source reported that a 65-year-old retiree would need to have $1.1 million saved to draw $50,000 a year in inflation-adjusted dollars. With four in 10 Americans living without life insurance, these statistics might motivate individuals to invest in annuities to prepare themselves for the future.

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