Are you part of the estimated 67% of non-retired Americans who fear that they are not adequately saving for retirement? This staggering figure, revealed by a recent LIMRA survey, is even more unsettling when one considers that the population of retired Americans is expected to reach 15 million by 2025.
Closing Your Retirement Gap
Whether retirement is in your 5, 10 or even 20 year plan, buying term life insurance will provide protection into retirement and can help close the gap in your plan. How does it work? It’s actually quite simple:
In todays down economy, many hardworking Americans are finding that their retirement funds are coming up short. Consider this example: you and your spouse are 55 years old and have planned to have $1 million saved by the time you both retire at age 60. With only 5 years left to save, you only have $500 thousand in your retirement fund. Rather than rehashing your entire plan, this is a good time to consider purchasing term life insurance policies to cover the $500 thousand differential. Should something happen to you, or your spouse, your term life insurance coverage will provide the financial support you need.
At IntelliQuote we offer a wide variety of term life insurance products, from the industry’s leading carriers. From no exam coverage, that can be issued same-day, to medically underwritten term life insurance; we can help you lock in coverage that will close that daunting gap.
In addition to purchasing term life insurance coverage, here are a few tips to help you get back on track with your retirement savings:
- Plan to save any raises and bonuses you receive between now and retirement. Remember, you’ll be surviving without these future cash influxes.
- Create and stick to a budget.
- Reassess your expected retirement expenses. You may find that your estimations need adjusting.
Looking for more tips and tricks to help you prepare for retirement? Follow the IntelliQuote Blog. While you’re here, check out these recent posts: