How life insurance can fit into a retirement planning strategy

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October 8, 2026 / 10:54 AM EDT / CBS News

Retirement planning typically centers on a familiar set of priorities: building a 401(k) or IRA balance, estimating future expenses and figuring out when to claim Social Security. But as retirement gets closer, protecting the financial plan that's already been built can become just as important as adding to it. And that's an area where many Americans appear to have some uncertainty.

For example, just 52% of Americans are now confident their retirement savings will last throughout their lifetime, according to New York Life's 2026 Wealth Watch Midyear Outlook, down sharply from 73% in 2025. And many are already responding to that uncertainty: 56% of those surveyed said they had updated their retirement strategy, while 34% had delayed or planned to delay retirement.

Those adjustments can take many forms, and life insurance may be one tool worth considering as part of the process. While its primary purpose is generally to provide a death benefit to beneficiaries, this type of coverage can serve other functions. But how exactly does life insurance fit…

Original source: https://www.cbsnews.com/moneywatch/