One of the questions I often get from clients who are planning on retiring is whether they should maintain their life insurance. Normally, one might think that that they do not need life insurance in retirement because life insurance is designed to protect against financial loss, and if you have enough money to retire, why would you need it? But, in certain situations, there are good and valid reasons to continue your life insurance during your retirement:
Author: Rick Henderson, CPA, CFP®, AIF®
In my conversations with clients who are beginning to prepare for their transition into retirement, I ask them, “What would you like to do in retirement?”, and often they answer, “I’m not really sure” or “I haven’t really decided yet.” What’s interesting about those answers is that while they have worked for years preparing financially for a successful retirement, they have not considered the other aspects of retirement that, along with sound financial preparation, will truly make them happy in retirement.
For most people, I believe consolidating your various company retirement plans and IRA’s into a single IRA is the best route to go for a number of reasons 1,2,4:
It is generally easier to manage the investments for one account than several
Administrative ease regarding things like changes in address, beneficiary changes, etc.
You will get fewer statements
For many, retirement is the result of a lifetime of work and years of saving and planning. It is a time where you can start doing all those things on your “Bucket List,” and may include things like travel; spending more time on activities like golf, tennis, or fishing; volunteering; pursuing those interests that you never had time for while you were working; and spending more time with family.
Many clients searching for a financial advisor aren’t certain what should be reviewed and discussed at their first meeting.
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