Here’s One Way to Insure Your Retirement

An insured retirement is one that guarantees you income and protection during your golden years.

But how do you achieve that?

The U.S. is facing a potential retirement crisis as 79 million baby boomers enter or near retirement; in the future, this number is likely to increase.

Retirement is expensive

At the same time, retirement is becoming more expensive due to an increase in life expectancy as well as inflation and rising health care costs.

A number of insured retirement solutions exist to help: annuities, long-term care insurance, reverse mortgages, and of course, life insurance. These solutions can help ensure guaranteed lifetime income and protect your wealth during your retirement.

Life insurance has important benefits

Often investors will focus on the first three of these insured retirement solutions, but life insurance can also play an important role in a retirement portfolio.

It can provide a stream of income for a family to live on for a period of time. That stream of income can pay off debts and loans, providing surviving family members with the chance to move on comfortably. It can keep families in their homes. It can even fund a child’s college education or keep a family business in the family.

But there’s one catch: You need to own life insurance to obtain these benefits. According to the industry research group LIMRA, too many Americans do not have adequate life insurance protection. In fact, 30% of U.S. households have no life insurance at all.

Life insurance isn’t right for everyone, of course, but that’s why it’s a good idea to consult an expert before jumping into it.

Your advisor can help you decide whether life insurance is an appropriate investment for you based on your individual financial circumstances and goals and, if it is, help you choose whom to purchase from and how much to purchase.