Three Steps Toward A Better Retirement In 2018
North American Precis Syndicate
There may be hidden value in your life insurance policy. (NAPS)
(NAPSI)—For seniors who have already entered retirement, there are some
important things that can be done in 2018 to make it better and more
1. Consider your spending.
Create a budget and track your expenses.
Most experts say you'll need at least 70 to 80 percent of your current
income to live the same lifestyle in retirement, so after you figure what
you'll get from Social Security and any other income sources, you'll need to
create a nest egg that can throw off that much without your having to use any
of the principal.
Also, your retirement can last for a good long time. According to AARP, a
healthy, upper-middle-class couple who are 65 today have a 43 percent chance
that one or both partners will live to see 95. Financial planners now advise
that you withdraw no more than 3.5 percent a year out of your savings for
both your regular expenditures and one-time items like a new roof or a big
vacation for the money to be around as long as you are.
2. Take that dream trip while you
can. Research by Joseph K. Goodman of Washington
University in St.
Louis, and Sarah Lim at Seoul
National University, South Korea,
among others, shows experiences bring more happiness than things. You want to
get in as many good times as you can while your health holds out.
Another impetus: Many hotels, resorts, restaurants, attractions and tour
operators offer special discounts for older travelers. For example, for less
than $100 you can get a lifetime pass that lets you enjoy every national park
in the country. Ask when you book about discounts for seniors and you may
save enough for an extra trip or two.
3. Inventory your assets for
sources of cash. For example, take a good look at any life insurance
policy you no longer need. It could be sold for a significantly greater
amount than the policy's cash surrender value through something called a Life
Settlement. You get a cash payment and the purchaser assumes all future
premium payments in exchange for the benefit. Candidates for life settlements
are typically aged 70 or older, with a life insurance policy that has a death
benefit of at least $100,000.
Such a sale could improve retirement for many, yet fewer than half of
American seniors are aware of the option. That's one reason the Life
Insurance Settlement Association (LISA), a non-profit organization that is
the nation's largest association representing participants in the life
settlement industry, is committed to making sure that older Americans have
all the information they need to make an informed decision. To explore
whether a life settlement is a good option for you, you or your financial
adviser can contact a licensed life settlement professional who is a member
of the association and is subject to a rigorous vetting process.
For further facts about life settlements, how they work and whether you're
eligible, call the LISA office at (888) 504-8561 or visit www.lisa.org.
"To finance your retirement, a life
insurance policy you no longer need could be sold for as much as seven times
the cash surrender value through a Life Settlement. http://bit.ly/2FtGZPG"
On the Net:North American Precis Syndicate, Inc.(NAPSI)