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Walters, executive vice president at Hartford Life, a subsidiary of The Hartford Financial Services Group. "A combination of your pension, savings accounts and Social Security used to be enough for you to retire comfortably, but that may no longer be the case for future retirees."

“With life expectancies continuing to rise, Americans will likely live 25 or 30 years in retirement -- and they are worried about running out of money,” adds Walters. “For guaranteed retirement income, many people will find annuities a better option than trying to ration their life savings to last as long as they live,” says Walters.

Diversification is a great idea. Investing in savings accounts, money markets, mutual funds, 401(k)s, IRAs, and variable annuities allows you to reach short term and long term savings goals.

"Annuities are the only type of investment that can guarantee retirement income for life, though the amount will vary depending on your account value and the age at retirement," says Walters.

While life insurance provides a benefit to your heirs if you die too soon, variable annuites hedge against longevity risk. They guarantee you income for your entire life, from the day you retire until the day you die.

So how much money will you need to comfortably retire? Hartford Life has an online calculator to help you come up with the all important number. You can find it by logging onto www.hartfordinvestor.com. When you get to the site, scroll down to the tab that says Education Center on the left-hand column and click on calculators. Then follow the link that says "what will my income be after I retire."

After you come up with the number, Walters recommends you take it to a licensed broker, financial planner or other professional investment representative who can advise you on ways to help you to reach your retirement savings and income goals -- and the golden years of your dreams.

Courtesy of ARA Content

Courtesy of ARA Content

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