Since I retired from healthcare, I look for ways to save money. As a new career, I stumbled into the insurance industry. In my nursing career, I knew about health insurance and Medicare, but as I studied for my license, I was amazed at how competitive insurance is. I was also amazed how, as seniors, there are many opportunities for us to save money for our insurance needs. This senior citizen tip is on how not to outlive your money in retirement.
TransAmerica Center for Retirement Studies recently published some research and guess what the top 3 fears were for retirees? If you guessed needing long-term care, cut in social security funds, and outliving your savings and investments in retirement, you are correct! Can you imagine as seniors we fear living too long broke than death? Amazing!
Here are some tips to not outlive your money in retirement.
First, invest in a great financial planner. Many financial planners charge a small fee for their services and hiring a reputable financial planner will save you tons of money in retirement. Call me at 219-315-6569 if you need a name of a great financial planner.
Next, and I cannot stress this enough, make sure you have long-term care coverage. Remember, as seniors this is a huge fear of ours. Getting long-term care coverage can make a difference between whether you can be treated at home or you’ll need to go into a nursing home. Many seniors believe that Medicare covers home care, but it does not. Medicare does cover a nursing home but only a semi-private room. The right long-term care coverage gives you choices including home health, assisted living, and adult day care coverage. I mention the right long-term care coverage because you want an asset protection policy that contains a long-term care rider. This type of policy gives you the broadest long-term care coverage with a death benefit and allows you to borrow against.
Finally, shop around for your home and auto policies. Seniors have a real advantage when it comes to home and auto insurance. We’re more settled and responsible and that can mean lower premiums. Unlike the younger generation who are higher risks and pay more, many insurance companies reward seniors for being responsible. A good driving record and payment history goes a long way in saving on your insurance premiums. Also, remember to bundle your home and auto coverages for discounted rates. About 2 to 3 months before your insurance policies expire, call around for competitive quotes Remember you want to do business with an A+ rated company who has been around a long time. You don’t want an insurance company that appeals to risky drivers and spends a lot on advertising. Instead, ask your friends and family and do an Internet search on A+ rated senior-friendly insurance companies.
Outliving our money in retirement is a real fear. You can curb this fear by following these simple tips. You can learn more ways to not outlive your money in retirement in The Northwest Indiana Guide for Seniors on Real Estate, Aging-in-Place, and Not Outlive Your Money. Subscribe above on this page and download your free copy today.
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