Retirement Plan

Prepare for the Unexpected and Inevitable: A Guide to Retirement Planning

Thinking about a retirement plan is stressful. Often, the procedure is difficult to understand. We’ve broken down the basic dos and don’ts for you below.

What amount should you have saved before retiring?

The projections of savings once you retire is based on:

  • your estimated expenses post-retirement,
  • how much will you be receiving as pension and Social Security benefits,
  • what age do you plan to retire (if you’re looking at an early retirement),
  • at what rate do you invest and your current savings.

The right thing to do is to run your plans by our retirement life insurance agents who will factor in all of your needs and savings to determine your retirement plan.

Where can your retirement savings go?

You need to first determine the amount your employer is willing to contribute to your retirement savings. Your next step should be to invest in a place where you can transact your money tax-free like a Health Savings Account (HSA).

You can then proceed to open an Individual Retirement Account and place your savings there. This will help you use your money penalty free, with flexibility in how your money will be invested and withdrawn.

How can you receive an income through retirement savings, pensions and social security?

Our most important advice: decide on how you are going to use a life’s worth of savings. We suggest delaying the use of your social security as much as possible. You can ease into your retirement with our Life Insurance FL plan. The plan will include managing:

  • Medical expenses
  • Determining strategies for withdrawal
  • Every day expenses
  • Maximizing benefits of social security
  • Budgeting your luxuries
  • Strategizing for unforeseen circumstances

What About Life Insurance Post Retirement

While you’re employed, there’s a chance your employer is paying for standard life insurance. When you’re retired, that payment stops. Here, you’re faced with the decision to take out a new policy or simply forego getting one.

There are a few questions you need to answer:

  • Do you have kids? Any dependents?
  • Are you still earning?
  • Are you in debt? Fact: 30% of homeowners age 65and older still carried a mortgage
  • Are your kids and partner self-sufficient?

If you’ve answered yes to even one of these, the answer may be simple.

There’s a lot of planning required for your retirement period for which you might want to receive our consultation. We are available and will guide at every step of the way!

Connect with us and we’ll walk you through just the right Retirement Life Insurance FL or Life Insurance plan that will benefit your loved ones!


Leave a Reply