Quick Retirement Tips for Boomers — Talk With Your Loved Ones And A Licensed Insurance Professional

BY Sagicor Life Posted March 10, 2020 In Sagicor Life USA Tips

As your retirement horizon draws near, and you start thinking about your future lifestyle expectations, the expenses you’ll have and income you’ll receive, it’s wise to have a discussion with your children about your future expectations and with a financial professional about how to bring those expectations to fruition.

Discuss your plans with your kids
Let your children know what you’re thinking. You may want to move closer to them so you can see your grandchildren, but geography could be a challenge if your immediate family is hundreds of miles away. Talk with your kids about where you’d like to reside and why. Then include them in ideas about having more facetime, visits and family get-togethers.

If you have an adult child dependent on you for housing or other financial assistance, let them know that you will need to focus on your retirement expenses. It’s a good idea to begin these discussions at least five years before you retire and involve your financial professional, so your child can take steps to establish a successful plan toward financial independence.

Let your children know about your plan for care
Unfortunately, as you may know from experience, often the need for care arises from a sudden, unexpected health-related event, such as a stroke. If this happens, your spouse or children may need to make rash decisions if there is no plan in place. This is not ideal for you or your loved ones.

An insurance professional as a part of your estate planning team can help
Take the next step for your future. Meet with your estate planning team and discuss these topics. They can meet with you and your children to make suggestions and provide an unbiased perspective to work toward meeting your goals.

Here's a recap of our first three retirement tips for Boomers:

  1. Think about easing into retirement
  2. Plan for lifetime income security
  3. Consider unexpected health-related expenses
  4. Be tax-efficient about your legacy

See how Sagicor’s life insurance and annuity products can help you prepare for your future, and contact us today if you have any questions.

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Sagicor Life Insurance Company, home office Scottsdale, Arizona issues life insurance and annuities. Products not available in all states and state variations may apply. Products have limitations and restrictions including surrender charges. Sagicor does not provide tax advice. 

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