Life Insurance Quotes

Retirement plans beneficial in the long term

10/28/11

Americans often forgo saving for retirement in favor of taking care of their more immediate financial obligations during the time they're working.

A recent study showed that most Americans are not prepared for retirement by the time they end their career, despite the fact that setting up some form of life insurance or retirement plan has proven to be beneficial, CNN reported.

Many people who do save for retirement worry about the costs of funding their retirement wish list, which could cause them to blow most of the money they've worked hard to save. Recent market downfalls have worried people close to retirement even more, leaving them in a position of uncertainty on what steps to take for financial security, according to the source.

In a recent CNN Money article, financial planner Kathy Stepp shared five steps to help seniors better plan for retirement. Stepp suggested not investing too much in the stock market because of the current uncertainty surrounding the economy.

Stepp also suggested making the right moves when it comes to investing and drawing money strategically from retirement funds to prevent wasteful spending.

According to LIMRA, 41 percent of Americans are without any form of life insurance, which is an all-time low. 

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