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Fewer consumers prepared for retirement

Posted On Thu, November 29, 2012

According to a recent study released by LIMRA, fewer consumers feel prepared for retirement as they reach their golden years.

The study notes that just 25 percent of pre-retirees - non-retired consumers between the ages of 55 and 70 - feel "very prepared" for retirement. That's 5 percent less than the amount reported from the survey in 2010.

Part of the problem with security is that fewer future retirees have a significant amount of money set aside to set them up in old age. According to the study, the number of pre-retirees with $100,000 or more set aside for retirement shrunk from 45 percent in 2007 to 38 percent in 2010.

Individuals who do not have life insurance are generally less prepared than those who do. There are certain aspects of life insurance coverage that kick in following retirement to provide retirees with a comfortable salary in their later years. Furthermore, insurance rates for lifetime coverage are often lower than consumers expect.

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