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How Seniors Can Pay For Retirement

Saving for retirement is getting a lot of attention these days. Mostly it seems like seniors are expected to save increased amounts while receiving decreased help from the government. With life expectancy going up, experts are urging Americans to set aside more of their hard-earned money in order to carry them through retirement.

However, for many seniors this warning comes too late. The economy is not what it once was and the quality of healthcare for seniors is better than ever. For these reasons estimates have increased in regards to how much you should save for retirement. Adding to these worries, the latest studies show that 71% of Americans aren’t saving enough for retirement. If you’re concerned about how to pay for your retirement or you’re looking for help for your parents, here’s the lay of the land on your options.

Social Security

Back when the Social Security Act was signed into law in 1935 lawmakers intended to provide accommodation and a reasonable standard of living for citizens who were unable to work because of impairment, disability, or old age. However, social security in the United States has not aged well as birth rates slow down and the retiring population begins to outweigh the working population that funds social security.

Seniors should also keep in mind that social security was only ever meant to provide for the bare necessities. You should not expect to live well on social security alone, so plan accordingly for a comfortable and enjoyable retirement.

Going Back to Work

Returning to the workforce is an unpalatable option for many and something that no senior should have to do after a lifetime of service. However, difficulties with planning, and a shifting economy is forcing some seniors to head back to work.

Even worse, however, is that these seniors are often finding it difficult to gain employment in their old fields. Workers over 50 are encountering discrimination in the workplace or on the job market and it’s becoming increasingly difficult to find work that doesn’t assume a degree of digital fluency that many seniors lack. It’s recommended that seniors looking to return to the workforce take advantage of computer classes offered by the government when available.

Life Insurance

The options that we’ve discussed so far for paying for retirement have assumed that everything is going to plan. However, some seniors have the misfortune of discovering that plans can unravel very quickly in the face of tragedy. The death of a loved one can leave seniors saddled with unexpected debts and complicated legal fees to in order to gain access to money that they’re entitled to.

A senior life insurance policy can be a true godsend in times like these. Money from a life insurance policy can help seniors rest assured that their spouse will be able to live comfortably in retirement after their passing. Additionally, burial insurance plans can help to ease the cost of burial services, helping seniors who have suffered a loss can show proper respect to a loved one who has passed without destroying their own retirement.

On the whole it’s clear that a reliable senior life insurance policy is always going to be a safe bet that affords comfort, unlike other plans to pay for retirement.