Do you spend more than your income after retirement?

Here are some statistics that should give you some concern. According to a new report by the Employee Benefit Research Institute (IREB), nearly one in five American elderly households outspent their income by over 50% in 09 and some (14%) outspent their income over 175%. The most vulnerable people were singles, households without pensions, African Americans and Hispanics.

This should be a heads-up that you need to pay attention to your financial situation and start taking personal accountability. Do you really count on social security and family for your retirement

The IREB report showed that Social Security remains the main source of income for all adults aged over 65. In 09, households aged 65? - 74 and households with members over 85 were 54% and 66% of their total household income, respectively, of social security.

According to the report, older Americans rely more on social security as they age. For households that had ages 65-69 members in 01, the share of household income from social security increased from 47% in 01 to nearly 60% in 09.

How many years do you have until retirement? Have you reviewed your investment and retirement plans? Do you adjust your spending to allow more savings for your golden years? Have you considered all your options and discussed these with your agent or financial advisor? Do you have adequate life insurance to protect your spouse if you die too soon and not have time to complete your plans?

Time to take personal accountability is now. Call your financial advisor agent today. Do not put off tomorrow what you have to do today!