Retirement planning is big business with investment firms dominating the investment landscape. Almost everywhere you look whether it appears on television, in your mailbox, or on the internet, there is no shortage of pitchmen and women soliciting 401(k)s, IRAs, and portfolio management services.
But retirement planning isn’t just about building the largest nest egg you can. In fact, your investment accounts are only a part of the bigger picture. Today we explore the additional products you need to consider when planning for your golden years.
Life insurance – When we are young, life insurance provides a safety net for the family members who depended on our income. During retirement, life insurance can be utilized to fulfill charitable wishes, reduce estate tax burdens, and pay for final expenses for a fraction of their actual cost.
Long-term care insurance – The cost of assisted living, in-home services, and nursing homes is skyrocketing. Without long-term care insurance, investment savings can be decimated in just a few short years. You can purchase a long-term care policy customized to fit both your financial budget and potential care needs.
Disability or accident insurance – The last few years heading toward your retirement date are usually your most productive when it comes to accumulating savings. However, a sudden accident or severe illness could quickly derail even the best investment strategies. Purchasing an accident of disability insurance policy can help replace the unexpected loss of regular income.
Investment planning is an exciting part of looking toward the future. Seeing the magic of compounding interest at work and the prospect of creating a sizable financial cushion would have any dreaming of lazy days ahead. But those who plan for the unexpected can be even more confident their future will become fulfilled as desired.
Connect with us to do a review of your retirement goals and coverage needs. Even if you have reviewed this in the past, it’s important to periodically update your plan as your needs and products change.