Many seniors are finding themselves unprepared for the new financial realities brought on by the recent recession. Many on fixed incomes have watched both their investments and their house values evaporate. They are now trying to replace lost income or rebuild safety nets.

The recently updated National Retirement Risk Index from the College Center for Retirement Research at Boston College points to a growing number of older Americans who may face shortfalls in retirement. This index measures the percentage of households that are at risk of being unable to maintain their preretirement standard of living through retirement. The study found that this share of households has increased to 51 percent as a result of the recession. Perhaps most troubling is that the study estimates this problem will worsen as the population continues to age and traditional sources of income such as Social Security and fixed pensions continue to deteriorate.

Before you get too far down this road, contact your financial professional to review your insurance and investment needs. Or if you donâ??t have an agent or adviser to help you, you can located one in your community here. You may find that the insurance you felt you no longer needed might still be required to replace the gap in your finances. It can be your familyâ??s safety net while you rebuild lost income.

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