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Inadequate retirement savings may call for life settlement 2010-02-10 Americans need to save more for retirement, U.S. Senator Kirsten Gillibrand said this week. Gillibrand cited data showing that significant numbers of New Yorkers - close to 30 percent of the population in some regions - will be retiring in the next two decades. The onslaught of retirees isn't just an Empire State issue, though: The Census Bureau estimates that there are more than 78 million baby boomers, and close to 58 million of those will still be alive and kicking in 2030. The senator declaimed the need for government to encourage workers to save for retirement. Requiring employers to enroll their employees in retirement savings accounts would be a good first step, she suggested. And workplaces that do not offer 401(k) plans would have to set up automatic contributions in individual retirement accounts. Americans lost more than $2 trillion in the stock market in recent years, Gillibrand added, making the need for increased savings help all the more apparent. Some retirees turn to life settlements to raise cash in their golden years. While the instruments can be a great way to monetize an old life insurance policy, older people should consult with a trusted source of information before signing up.  |
