Life Insurance for Seniors Is Unnecessary, Plus 5 More Insidious Retirement Myths
For many of us, retirement is a strange and very far off time. However, for an equal number of people, retirement is just around the corner! In today’s society, the voices tend to belong to the Baby Boomers and younger generations, who are comfortable spouting whatever they think of on the internet. Without much of a firsthand perspective on retirement, there are plenty of myths that are currently perpetuated. One of the worst is that life insurance for seniors is unnecessary, but there are also more retirement assumptions that most of us make! Today we check out these insidious retirement myths.
Retirement Myth #1: Life Insurance for Seniors Is UnnecessaryIncreasing life expectancies mean that most people still have their partners alive and well at retirement age, thankfully! Poor economic times also mean that even adult children may get into a situation where they really need help. Additionally, if you want to keep really living after you retire, not just existing, you may well chalk up a few debts … Luxury caravans are a common culprit! Life insurance for seniors is necessary to support a spouse and maybe kids, pay for your funeral and pay off debts.
However, you won’t need the benefit amounts that you might have in younger years; you can simply downsize your benefit amount and keep premiums for life insurance for seniors manageable.
Retirement Myth #2: It’s Silly to Start Retirement Saving in Your 20s!We often look at people in their 20s who admit to saving for their retirement already as wowsers and buzzkillers … but this myth is completely not true! The magic of compound interest means that if two people who start saving the same modest and achievable amount per week, one at age 20 and one at age 35, the one who started saving in their 20s could have double that of the late saver.
Retirement Myth #3: I’ll Never Want to RetireI applaud your energy and dedication … but sometimes retiring isn’t a choice! Many people get laid off in their 60s, only to find that other companies don’t like hiring people so close to retirement age. Your health may force you out of work … or you might just change your mind over the next 30 or 40 years!
Retirement Myth #4: I Should Pay Off My Debt Before SavingWhen it comes to such long term saving as for retirement, this actually isn’t true. Depending on your age, failing to save 00 this year could cost you between ,000 and ,000 of lost income for your retirement. Balance your finances between paying debts and saving for retirement.
Retirement Myth #5: Funeral Insurance Is Just As Good As Life Insurance for SeniorsFuneral insurance is fantastic, but if you already have a life insurance policy (and can’t be excluded or rated for poor health), this will provide much more flexibility and financial freedom to your kids or other beneficiaries after you die. They are both good forms of protection, but if you have the choice life insurance for seniors offers much more.
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