Are you thinking of finally hanging up your hat and taking the plunge into the fun and relaxation of retirement? It takes some planning to get the financial pieces in place before you retire. Here are some insurance considerations I can assist with…
Annuity – To make sure your money—and your lifestyle—will last as long as you do, you provide a lump sum of money (from an employer account, IRA or savings) to an insurance company and in return you get a guaranteed stream of regular payments for the rest of your life (or for some specified period).
Long Term Care Insurance – This is the care you receive, when you cannot take care of yourself for an extended period of time. This is care you may receive at home or in an assisted living facility. It can exhaust your financial assets very quickly. Reasons to purchase:
- If you don’t want to burden your family
- To protect your assets (this includes your home equity, savings and retirement accounts)
- Medicare will not pay for long term care
Life Insurance– A Whole Life policy protects your spouse from unplanned medical expenses, funeral costs and outstanding debts such as credit card and auto loans.
Health – If you are retiring and under the age of 65, we can help you find the right Affordable Care Act compliant plan that suits your needs. Often when a person retires, his or her spouse may need to change to an Individual Health Plan until the spouse also reaches the age of 65.
When you turn 65, you will want to consider a plan to help you with medical costs not covered by original Medicare. We offer access to a number of plans to help you, including:
- Medicare Advantage Plans
- Medigap Plans
- Prescription Drug Plans