There are plenty of resources available to help us save for retirement. While some are more involved than others, everyone should speak with a financial professional every so often to ensure a healthy track to retirement. The conversations are important because they not only inform financial status, but also help plan and achieve savings goals.
However, it’s even more important to keep this conversation going after reaching retirement. There are many things you paid close attention to prior to retirement like asset allocation, home equity and life insurance that need to be revisited and well kept.
Review your investments to ensure your mix of stocks, bonds and/or real estate (or whatever makes up your financial plan) are in line with your immediate needs and long-term goals. These were probably reviewed often during your working years and deserve the same amount of attention during retirement.
Think about the amount of equity tied up in your home. Is it time to consider downsizing? You might want to consider a reverse mortgage or converting some of your equity to cash. Home equity is something that can make a huge difference in your financial status.
Evaluate your life insurance policy. Is it still needed? Affordable? Don’t forget that your life insurance policy is personal property. You have the right to sell it like any other asset in your portfolio. Consider the premiums you pay to maintain your policy. Is the fluctuation making it difficult to afford? Speak to an advisor about the benefits of selling your policy to a third party investor. Typically, policy owners of 70+ have can earn you roughly 7x more money than the surrender value of your policy.
Be sure to regularly have these conversations with your financial advisor. Learn more what you can do with your settlements at genesislifesettlements.com or email us directly to talk one-on-one with a Genesis advisor.