With more than 76 million Baby Boomers moving toward retirement, the need to save more money for a secure financial future is clear.These individuals, who currently constitute 29 percent of the U.S. population, are putting away only one third of the estimated amount that they need to retire comfortably.

Saving for retirement is more important now then ever before. According to a recent study conducted by the National Association for Variable Annuities - a nonprofit trade association - an overwhelming 95 percent of Americans have financial fears about their long-term retirement plans. Many of these individuals are particularly concerned about their retirement income. Their fears include running out of money prematurely and having to lower their standard of living during retirement.

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