Are You Banking OnSocial Security For Retirement Income? (NAPSA)—If youre a middle-in- come baby boomer, chances are you're still struggling to recover from the financial crash that began in 2007. You're not alone: According to a new study, only two percent of boomers feel the economy has fully recovered, and 65 percent say they have not felt personal benefit from any recovery. If that sounds like you, then youre also likely worried about where yourretirement income is going to come from. According to the Bankers Life Center for a Secure Retirement, middle-income baby boomersare increasingly reliant on Social Security for their primary sourceofretirement income.Before the crisis, 43 percent planned to rely on personal savings or earnings for their primary source ofretirement income. That number has dropped to just 34 percent, with the difference mainly movingto Social Security. As generousas the program is, Social Security was never designed to fully replace your wages. And the lesson from 2007 is to be prepared for anything. There are many steps you can take to plan ahead, protect yourself and achieve the retirement you are lookingfor. Understand What Retirement Really Looks Like While nearly all boomers say they still plan to retire, they are adjusting retirement expectations to meet their newreality. This newreality is primarily focused on a decrease in financial independence. To addressthis, try to: e Pay off debt: Debt payments should ideally be no more than 10 percentof your income whenyouretire. Work part-time: Whether you choose to work full-time, part-time or on a seasonal basis, employment income will relieve pressure on your other sources of income. Proper planning and professional advice now can help you havea better retirement. Meetwith a Financial Professional No matter what your savings level is, a professional can help you create an investment strategy that fits with your personal situation, and find savings products that can providea reliable monthly income. Boomers who sought the help of a financial professionalfelt more confident in their financial decision-making and more optimistic about their retirement expectations. Diversify Retirement Planning Tools There are a wide range of affordable and secure optionsavailable to help you save for your retirement, provide income, and protect yourassets. Annuities are designed to help you accumulate money for retirement or turn your retirement savings into an incomestream. Otherin- vestmentoptions to explore include mutual funds, IRAs and Roth IRAs. Visit www.BankersLife.com/TopTips to download a free booklet on Top Tips for Retirees, including Reducing Debt in Retirement, Medicare Enrollment, Managing Prescription Drug Costs and more. To learn more about achieving financial security in retirement, visit www.BankersLife.com.
