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4 Strategies to Grow
Your Finances in Retirement
Article by the Life Insurance Settlement Association (LISA)
(BPT) - Retirement is the time in your life when you can throw off the shackles of your daily responsibilities and truly enjoy the fruits of everything you spent years working toward. It's an empowering feeling and you've earned it. You've planned and you've saved, but now that you're here, don't make the mistake of believing your financial planning is over. In fact, in some ways, it has only begun.
"....don't be surprised if you find out you're poised to live far longer than you expected all those years ago."
specific items to review in your annual post-retirement financial checkup.
1. Life Expectancy
When you first created your retirement plan, you likely discussed an end-of-life age with your adviser that you could use as a benchmark and plan toward. Now it's time to revisit that age again and take an objective look in light of your overall health and any existing conditions you may have. And don't be surprised if you find out you're poised to live far longer than you expected all those years ago. It's great news, but it also means you must adjust your finances accordingly.
2. Life Insurance
Look at your life insurance policy. You should take the time to determine if it is still needed or affordable now that you've entered retirement. As you review your life insurance policy, you may determine you don't need it anymore because your children are no longer dependent on you and you have minimal outstanding debts. You may also find that the premiums have increased in recent years and the policy is too costly to maintain. If this is the case, you may want to sell it. It's one less financial burden you need to worry about,
Continuing to Support Your Financial Strength in Retirement.
On the day you enter retirement, your financial focus shifts, but its importance doesn't diminish. As a retiree, taking an annual review of your finances is more important than ever. You deserve to live the retirement you want. To be sure your finances are up to the task, here are a few