retirement-tips

As you inch closer to life in retirement, or continue with retired life, there are many things that can be done to keep your overall retirement strategy in-place. Here are a few retirement tips to think about as you age.

If you still have dependents at home, a term life insurance policy may benefit you. If you have dependents, you will likely need a higher death benefit if you pass too soon to replace your income and potentially your spouse’s if they need to stop working to care for the family.  Term life insurance is one of the cheapest life insurance policies you can purchase depending on your age, and can provide high coverage for the lowest premiums. Be sure to understand all the provisions and limitations associated with term policies before making a purchasing decision.

If you have an older long term care policy (LTC)—it may be best to keep it.  Replacement policies today may be more expensive. While LTC policies have improved in their coverage over the years, keeping an old policy could prove worthwhile.  LTC insurance is age and health sensitive, so your policy will likely have been cheaper if you purchased it at a younger age and it’s not unlikely that you were healthier at the time of purchase as well.  If you are considering purchasing a replacement policy, be sure that you are still insurable, you keep your old coverage until your replacement policy is approved, and your premiums aren’t significantly higher.

At age 65, it may be advantageous to buy the most comprehensive Medicare supplement policy you can. A Medicare supplement plan is something you can purchase to pick up a lot of what Medicare doesn’t cover.  For instance, this supplement covers copayments, coinsurance, deductibles, and sometimes even medical care outside of the United States with the right policy.  You don’t have to physically qualify for the policy, and there are about ten different plans you can pick from. You need to have Part A and Part B Medicare to qualify and separately sign up for Part D to get prescriptions. Supplement policies don’t cover everything, like long term care for example, so be sure that you understand the benefits you’ll be receiving and its limitations.

If you were to have an accident and something were to happen to you or your house, are you appropriately insured? This is one of the many questions you should ask your trusted financial professional. Click HERE to ask us your retirement questions and be sure to request your complimentary, no obligation retirement review!