Life Insurance Quotes

Spouses who do not work need retirement structure

07/19/11

While there is plenty of attention placed on workers trying to save for retirement, individuals who do not work also need some sort of financial safety net in the later years of their lives, according to the Pasadena Star-News.

Ensuring that individuals will be financially secure as they reach retirement age can help couples survive if there is a severe change in circumstances, and may also serve as a replacement income if necessary. Investing in an annuity that will provide set payments for the remainder of a person's life may be a smart investment decision.

Social Security will pay a certain guaranteed amount of money to individuals as long as they have 40 credits of working years, but those benefits may be cut in the near future, resulting in less secure financial options.

IRAs may also be a smart choice for retirement savings due to the fact that they offer significant tax advantages, the media outlet reports. A spousal IRA was created for individuals who do not garner their own wages, but it is contingent on whether or not the wage earner has an employer-sponsored retirement plan. 

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