Protecting Your Retirement Savings
Think back on the advice you’ve been given on money from grandparents, parents or friends. Everyone seems to have an opinion on how you should save and spend your money. It’s true that saving money is important. It allows financial security for unexpected events and for retirement. However, many people have fears associated with saving for retirement.
There are many ways to consider investing and protecting retirement savings. Stocks, bonds and other investment accounts may be the first things you think of when considering retirement planning. You may have never thought about retirement savings and life insurance going hand in hand, but some financial experts say that life insurance is a vital part of any retirement plan if a family depends on or will depend on a retirement income.
According to retirement income experts, the 10 years leading up to retirement are often used as a time to catch up on retirement savings. If one spouse were to die during this period, the surviving spouse could end up short on savings1. Life insurance may allow surviving family members to maintain their current standard of living without having to use funds from other retirement savings on typical expenses.
Even when incorporated into a comprehensive retirement plan, many people may be concerned about paying another insurance premium. Only you can decide if the upfront investment is worth it to help protect your retirement savings. There are also helpful tools like retirement savings calculators that can help you estimate the amount you will need based on your goals and lifestyle.
Sources:
1 http://www.investopedia.com/articles/personal-finance/112614/strategies-use-life-insurance-retirement.asp
Insurance products and services are offered by Mutual of Omaha Insurance Company or one of its affiliates. Home Office: 3300 Mutual of Omaha Plaza, Omaha, NE 68175. Mutual of Omaha Insurance Company is licensed nationwide. United of Omaha Life Insurance Company is licensed nationwide, except New York. Companion Life Insurance Company, Hauppauge, NY 11788-2934, is licensed in New York. Products not available in all states. Each underwriting company is solely responsible for its own contractual and financial obligations.
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