This is the time of year when we consider what gift we can give to our friends, families and loved ones that they will most appreciate, value and will have a positive impact on their lives. Sometimes this gift is as simple as a card or small trinket. Other times, it is more significant – more long lasting.

As we spend more time with loved ones over the coming weeks, it’s worthwhile to take some time and consider whether the family members and friends who are beginning to prepare for retirement are adequately prepared to step away from their jobs but continue to have financial security.

Today, many Baby Boomers and soon-to-be retirees haven’t taken the steps necessary to position themselves financially to enjoy their golden years. For instance, 54 percent of Americans have never spoken with a financial adviser and nearly two-thirds of those 55 and older said they plan to work past age 67 for financial reasons. However, it’s never too late to consider retirement options and take the necessary steps to prepare.
So, between the turkey, eggnog and caroling, take the time to give the gift of financial security to your loved ones by:

• Reminding them to make and stick to a budget. Let them know that medical and other factors can increase expenses during retirement.
• Asking them to consider a diverse financial portfolio. Focusing on a single financial product increases risk. But, options like Fixed Index Annuities (FIA), which can reduce risk by helping protect savings from market turbulence.
• Having them take advantage of opportunities to boost savings like contributing to a company’s 401(k) or other matching programs.
• Asking them to consider if they will need an extra source of income even in retirement. FIAs can guarantee income payments for life.