Photo: Hemera

According to a new study from LIMRA, a trade association for the financial services industry, 49 percent of Americans aren’t contributing to a retirement fund. And only one-third of Americans over the age of 50 are working with a financial professional to  prepare for retirement. And it’s not that they don’t know better. Only 29 percent of adults ages 55 and older are confident they have enough money for retirement. Yikes.

Lucky for everyone, it’s not too late to get started. Fox Business offers some tips for getting your finances in order so you can enjoy your golden years. The first step is to honestly answer some questions about where you are right now. How much do you have? How much do you need? What sort of expenses will you be looking at? And what will Social Security/pensions/retirement funds provide?

Next, start saving, keeping in mind that you need to be prepared for your retirement to last between 25 and 30 years. And take advantage of tax credits and special programs available to older workers. Unfortunately, even those who are planning don’t see far enough into the future, failing to take into account the longer life spans we all have.

Finally, talk with family members about your financial situation and any help you might need once you’ve retired. These are the people that will be shouldering the responsibility for your economic and physical well-being once you reach your older years.

If that hasn’t inspired you, maybe this will — a new study from the U.S. Government Accountability Office (GAO) finds that women ages 65 and over are living in poverty in greater numbers than men even though they’re contributing to their employer’s retirement plans. Among the reasons: women live longer than their spouses and make less during their lifetimes. Some things in life you can’t control, so it’s important to get a handle on the things you can. You owe it to yourself to enjoy your old age.

by Sue Naylor

Life insurance for seniors is very important during retirement. There are a number of life annuity options offered by various insurance companies. This contract-based insurance involves signing up for a suitable insurance plan and paying the insurance company fixed amounts either over the course of a few months/years or immediately as a one-time payment. There a number of retirement savings calculators that give you a good estimate of your financial status and help you make well-informed decisions regarding making the right financial investments.

Retirement planning also involves choosing a beneficiary or the beneficiaries to whom the entire amount of the investment will be transferred at the time of the purchase any insurance policy. The retirement savings calculator from insurance companies also includes an element of annuities that are advantageous for their tax-deferred status. They are better than other qualified plans and Individual Retirement Accounts (IRAs) which come with a fixed annual investment limit.

Life annuity contracts come in handy at the time of retirement as they come with the maximum financial returns. Referred to as retirement annuities, these are useful sources of supplemental income that address all your financial requirements during retirement. Apart from social security benefits and pension schemes, a good life insurance policy for seniors is extremely important to enjoy the required financial security during retirement.

Fixed annuities and indexed annuities also have provisions for an easy and seamless transfer of money and assets during old age. Making periodic financial investments is a highly advisable to be financially comfortable in the long run.