We all have ideas about planning for the future and where we'd like to see our money invested. Unfortunately, those visions and reality don't always match up. In fact, a study by the Allianz Longevity Project found that Americans are optimistic about living longer, but a majority feel financially unprepared for those extra years. The study found that 79% of Gen Xers, 74% of Millennials, and 57% of Boomers didn't feel that they would have enough money to live according to their life expectancy. The good news is that, with some help and the right life insurance policy, many of these concerns can be alleviated.
The Changing Face of How We Save
Several generations ago, nearly everyone had a pension and a retirement plan. Pew Charitable Trust estimates that only half of American workers today are enrolled in any sort of workplace-sponsored retirement plan. Saving for retirement and, worse, the purchase of life insurance is low for several reasons. Many simply don't understand their needs and others have no interest in thinking about or planning for the future. If this sounds familiar, you're not alone, but that doesn't mean that you're in good company if you wish to retire with money in the bank.