Take Steps To Improve Your Retirement Confidence
North American Precis Syndicate
There are several things older Americans can do to improve their chances of a secure retirement. (NAPS)
(NAPSI)—A recent study by the Insured Retirement Institute found
that only 25 percent of baby boomers believe they will have enough money in
retirement and just 28 percent believe they did a good job financially
preparing for their retirement years.
This dismal view of their retirement prospects by so many aging Americans
is concerning, but what is even more sobering is the study found that boomers
are actually less satisfied with their finances than they were as recently as
five years ago. In 2012, 41 percent of baby boomers believed they were doing
a good job of financial preparation. This decline in retirement confidence
has taken place in spite of healthy market conditions and rising interest
rates for most retirees’ investments.
Fortunately, the news doesn’t have to be so bad if seniors allow
this news to serve as a wake-up call for them to take action.
Here are five steps that experts say boomers can take to revisit their
retirement plans now and fix things that have gone awry:
1. Reassess priorities. Take
stock of your available resources and prioritize your needs vs. your wants,
based on where your life is now and what is most important to you in the
2. Raise cash. Consider options
that may be available to you for boosting your savings, such as a part-time
job or perhaps selling off some possessions you no longer need.
3. Generate interest.
Re-evaluate where your money is sitting today and consider moving as much as
you can out of cash and into interest-bearing accounts, which are paying depositors
more than they have in several years.
4. Look for hidden assets.
Inventory all your assets that might create cash flow, including those you
may have overlooked in the past, such as a life insurance policy. A life
insurance policy is your personal property and, if you no longer need or can
afford it, you may be able to sell it for an immediate cash payment.
5. Leverage your house. If you
own your home, consider a reverse mortgage or a home equity line of credit as
a way to free up cash that you can use to pay off health care bills or other
Of these five steps, the one that could produce the most immediate cash
flow may be the sale of a life insurance policy, known as a life settlement.
Most consumers who qualify for a life settlement are 70 or older and own a
life insurance policy with a benefit of at least $100,000.
For more information or for a free evaluation of your life insurance
policy, go to www.LISA.org or call the
LISA office at 888-985-0773.
“A life insurance policy is your personal property and, if you no
longer need or can afford it, you may be able to sell it for an immediate
cash payment. http://bit.ly/2Q63MLn”
On the Net:North American Precis Syndicate, Inc.(NAPSI)