People of all ages need to be planning and funding retirement. We can’t rely on Social Security to provide 100% of our retirement income. Here are a few tips to help you as you and your family plan out your retirement.
People Are Living Longer
You need to plan for the possibility you may live longer in retirement than you ever imagined. This may require adjustments in spending and life style.
Get out of Debt
Pay off expensive debts and then accelerate retirement savings in earnest.
Consider Life and Disability Insurance
Life insurance has been a part of estate planning in the United States for many years. Although life insurance does not need to be a part of every person’s estate plan, it can be useful, especially for parents of young children and those who support a spouse or a disabled adult or child. Life insurance provides real security for those you care about. Life benefits can provide financial security and resources for your family or loved ones after you are gone.
Disabling illness or injury is one of the leading causes of personal bankruptcy in the United States. Just like any other form of insurance, disability insurance (short term or long term) promises compensation in the eventuality of an injury or handicap that prevents the policy owner from continuing his/her normal occupation.
Get A Will
Without a will, the courts decide what happens to your assets and who is responsible for your kids. Many people put off making a Will for a variety of reasons; either because they do not think it is relevant to them at their particular stage of life, because they do not feel that it is necessary, or because it may force them to confront difficult issues.
Health Care Costs
Health care cost are going up, plan for 5% to 15% increases or more, over time. Also, people tend to utilize health services more in the last years of life. Your health should be considered your most vital investment. After all, it is hard to live a rich and fulfilling life while struggling with serious medical conditions. Having health insurance could help ensure you have the means of receiving the medical care necessary to preventing various illnesses that could negatively affect your quality of life.
Close to age 65?
You should find out how to apply for Medicare. You may need to sign up for Medicare close to your 65th birthday, even if you are still working.
To ensure that you enjoy protection no matter how your business grows or shifts positions, be sure to check with your insurance agent if you make any changes. Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.