Life Insurance Quotes

Underemployment may not limit retirement savings

07/14/11


After months of what seemed to be employment stability and growth, the unemployment rate in the U.S. rose in June. In addition to the unemployed, there is another struggling subset of American workers, the underemployed.

These individuals may have jobs, but they are often working well below their earning potential and may be scraping by financially, according to TheStreet.com. These individuals may not only be struggling to make ends meet, but the retirement plans they once had may have drastically changed.

Unless people put a lump sum of money into a whole life insurance policy or an annuity before their employment situation changed, they may not have a secured financial structure for retirement.

"It is going to be something more people are going to be dealing with for the next five to seven years than anyone would have dreamt would be possible five years ago," Frank Braddock, a South Carolina-based financial adviser with JHS Capital Advisors, told the media outlet.

Experts recommend that people revisit a retirement plan they may have put in place before they changed jobs and recalculate the numbers with their new salary figures. This can help individuals figure out if they need to adjust their current lifestyle in order to still be able to meet these goals. 

Talk to an Advisor

A licensed insurance advisor can explain your options and help you choose the right life insurance for your needs.

Call: 1-800-823-4852

Chat: Live Advisor Chat

Sm

A few of the carriers we quote