Americans should prepare financially for retirement living

Some Americans might not be adequately prepared for comfortable retirement living conditions.

The National Retirement Risk Index is a project designed by the Center for Retirement Research at Boston College. According to the index, 45 percent of households are under prepared for the financial strain retirement living can sometimes cause.

Many seniors have a solution, however.

Americans should prepare financially for retirement living Whole life insurance is becoming a popular financial tool. According to, you can borrow against the cash value of your whole life insurance policy while you're alive. The policy's cash value accumulates on a tax-deferred basis and thus provides a good Plan B for struggling seniors because you can borrow for any purpose.

"My whole life policy has always been the best value for the buck," said Jack Leon, a 79-year-old Texan lawyer. "I've always known that the cash value of my whole life policy would grow, in good times and in bad. And I've always known that cash is there if I need it in an emergency."

Some financial professionals recommend only using a whole life insurance policy as part of supplemental retirement planning.

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