Life Insurance and Your Retirement
Depending on your finances, life insurance for one or both of you during retirement is a wise decision.
Whether you plan on using life insurance proceeds for final expenses, pay off your mortgage, pay off other debts, or desire to leave your children or grandchildren a tax-free inheritance, life insurance has many wonderful benefits.
Contact our office for a free life insurance review!
Congrats on Your Retirement
Entering retirement with a mortgage isn’t necessarily a bad thing. Entering retirement with a mortgage—or even a home equity loan—you can’t afford, however, is a potential disaster.
A certain amount of debt is manageable—even good—but massive debts such as HELOCs tend to make covering your retirement costs tricky, as retirees with this much debt need to set aside much more money than someone who has paid off their major loans to pay down their housing costs.
We recommend if a client can pay off their home equity line, it generally will get them to a state of debt they can support with what they want to live on in retirement
Retirement Woes and Pitfalls
A new report from the U.S. Government Accountability Office finds that among Americans 55 or older, 52% don’t have anything socked away for their golden years.
Of this group, about half do have a pension plan for their golden years—but the other half are left without any kind of nest egg at all.
And for the remaining 48% who are socking away, their savings seem to be falling short: The median retirement fund in this group is just about $109K.
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