Everyone would probably agree that retirement planning is an important part of your financial portfolio. Having a plan can provide peace of mind when thinking about your retirement years. Fortunately, you can start thinking about a plan at any time. It is never too late.
Your portfolio can include many investment options, such as a simple savings account, a 401(k), stocks and bonds, and even life insurance. A life insurance helping retirement plan can include a policy that you have access to funds in retirement, rather than simply a traditional distribution upon your death.
Life Insurance in Retirement
Typically, life insurance benefits your dependents, such as a spouse or children, upon your death. This is particularly useful if you are younger and can no longer help with expenses due to your death. The insurance will contribute to your family’s income to help pay debts and bills.
However, life insurance can also be used as a source of income during retirement years. Cash value is built with a permanent life policy, which you can use in retirement, and which is tax-free. A long-term care rider might be useful also in retirement. If you have this added to your policy, it can help pay for nursing homes or medical costs related to the aging process.
Life insurance is not just beneficial upon your death. Research your options and find the best policy to fit your needs.
