Will They Be Golden Years for You?

Americans are living longer, in better physical shape and have more opportunities for productive ways to spend their retirement years. So here's the rub—you need the money to do it, maybe more than you would have imagined. If you are working hard in preparation of the day when you can retire, it's important that you take the necessary steps to make sure it will be all that you planned.

Two big realities of retirement

#1 - We're spending more time in retirement
Life expectancies continue to rise. On top of that, many choose to take early retirement. These days, it is common for individuals to spend anywhere from ten to 40 years in retirement. That's a lot of living that needs to be financed.

#2 - We're more responsible than ever
Money for retirement comes from a variety of sources. But more and more, individuals must take charge of their needs. According to the Social Security Administration, even today, 44% of retirement income is generated from sources other than Social Security and company pension plans. That number could easily increase in the future. It means you need to have a considerable nest egg in place to ensure your retirement expectations are met.

Many options available
The good news is that there are many ways you can put money to work toward your retirement in accounts where the earnings can grow without current taxation. They include:

• IRAs
• Workplace retirement plans like 401(k)s and 403(b)s
• Non-qualified annuities
• Life insurance policies.