The older we get, the more we tend to appreciate how fast time flies and how important it is to enjoy each day we have with friends and family. So as we approach the holiday season and say farewell to 2016, those of us at the Life Insurance Settlement Association would like to share some thoughts with seniors about the end of the year.
Now that you’re in retirement, make sure that you’re being smart about how you manage your financial assets so that you can truly make the most of your golden years. Take a moment to reflect on your finances right now and assess how you spent money in 2016. It might be a good idea to set some budget goals for the year ahead so that you’re living comfortably within your means. You also might want to revisit the special discounts available to seniors for day-to-day expenses such as dining, travel and even auto insurance; these offers can save you hundreds or even thousands of dollars next year.
If it appears your spending in 2016 wasn’t in close enough alignment with your resources, perhaps you should consult with a financial advisor who can take a look at your situation and assist you with fine-tuning a financial plan that maximizes the use of all your assets. One of the most overlooked assets in a senior’s portfolio is a good old-fashioned life insurance policy.
We want you to know that the policy sitting in your drawer, which you may no longer need as a safety net for children who are now grown or can no longer afford due to other rising expenses, may be a hidden asset that can be tapped for a cash payment that is five times greater than what the insurance company will pay you if you just surrender the policy.
LISA is committed to educating seniors about the options they have available to them in the event that they no longer need or can afford a life insurance policy. Why are we so passionate about this mission? Because each year, more than $100 billion worth of life insurance owned by Americans over the age of 65 is lapsed or surrendered back to the insurance companies that sold the policies – mostly from a lack of knowledge that an unneeded or unaffordable policy may be sold.
So as we turn the page on 2016, those of us at LISA would like to encourage you to take stock of your finances right now and honestly assess the assets that are available to fund your retirement. By being fully aware of all your options, you’ll be better prepared for the year ahead.