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and the influx of additional cash will be a welcome surprise.
It's important to remember that your life insurance policy is your own personal property and you have the right to sell it, just as you would any other financial assets or physical possession. The sale of your policy to a third-party investor is known as a life settlement transaction, and selling the policy could bring you as much as seven times the amount you would earn for surrendering it. Typical candidates for a life settlement transaction are age 70 or older with a policy of $100,000 or more, according to the Life Insurance Settlement Association (LISA).
3. Asset Allocation
During your working years, you probably reviewed your assets several times, and you may have even done some rebalancing to ensure you had the right mix of bonds, stocks and cash in your financial portfolio. But this practice doesn't end simply because you've entered retirement. Look at your assets and take the opportunity to rebalance - just as you did during your working years - to ensure your money is meeting both your short-term needs and your long-term goals.
4. Home Equity
Your home is often your most valuable asset. If you own the home where you live, take a moment to assess the amount of equity you have tied up in it. . This may be the perfect time to downsize. You could also consider a reverse mortgage, which would allow you to convert some
some of the equity in your home into cash you could use for other needs. The money you acquire through a reverse mortgage or through the sale of your home via downsizing could then be used to invest in a fixed-income investment - such as annuities or bonds - that will provide ongoing income.
Enjoy Retirement on Your Terms.
Your working years may have ended, but your financial management is ongoing. Whether you manage your money yourself or you work with a financial adviser, take charge of your retirement by revisiting your assets and your options. Remember, you've worked hard for your retirement, and with a few small changes along the way, you can make it even greater.
To learn more about life settlements, how they work and whether you're eligible, call 888-521-8223 or visit the LISA's website at www.lisa.org.