By Wendy Waugaman, CEO & President, American Equity Investment Life Holding Company

A recent report from the Insured Retirement Institute  found that Boomers between the ages of 60-65 need advice about retirement income.  Some of the statistics are alarming:

• One half (51%) believe they will not have enough money on which to live comfortably through retirement, and more than two-thirds (70%) believe they will not have enough money to pay for long-term care expenses
• Despite their proximity to retirement, only 58% have determined the amount of money they will need for retirement
• Two thirds (67%) state it is important to them to leave an inheritance to their loved ones
• Less than half (45%) have ever consulted a financial advisor

Those facing retirement can alleviate many of these concerns by consulting with a professional regarding financial advice. Getting input from trusted friends or family members is also a good idea. Figuring out a plan to help you live comfortably in retirement can provide peace of mind for you and your family. This plan will likely include several different financial products.

An indexed annuity is one safe money option for many seniors to consider, ensuring they have income for life.  When considering annuities and other retirement products, it’s important to think about several factors, including:

• Lifestyle goals in retirement
• Amount of retirement income needed
• When and how you’ll be able to access your money
• Importance of having some of your savings allocated to guaranteed income products
• Qualifications of your financial professional

How prepared are you for retirement? What steps have helped you ensure you’ll reach your goals for your golden years?