Studies have shown that a growing number of Americans reach retirement age and find themselves ill prepared financially for retirement, and they are forced to remain in the workplace for far longer than anticipated. Often, they fail to foresee future living and health expenses and do not save enough, or they make financial mistakes that impact them for years. For those not yet near retirement age, there are proactive steps that can be taken now to have more financial security and be able to enjoy retirement instead of dreading it. In today's blog post, we look at three steps to better financial protection before retiring.
Pay Off Debts
One of the biggest problems facing Americans is the staggering amount of debt carried with individuals and families for years. Whether it's credit card debt, car payments, medical bills, or college tuition loans, millions of individuals and families are saddled with large amounts of debt. Sadly, a substantial number of individuals carry those debts for years and even decades, paying far more in interest and penalties than originally borrowed. By working more now before retirement age, individuals can put more towards paying off outstanding debts and leave themselves with fewer expenses when they reach retirement age. This might mean taking a second job or freelance projects for supplemental income, downsizing a home, or cutting back on expenses such as entertainment or recreational travel.
Protect Property With Quality Insurance
When individuals near retirement age, they have often accumulated a lifetime's worth of assets, such as furniture, vehicles, electronics, jewelry, artwork, and other heirlooms. However, not all of these personal possessions are protected under insurance policies. Often, Homeowners Policies are written years prior, when the individual or family has far fewer assets, so any future losses or damages might not cover the entirety of the property, or newly purchased assets. Homeowners Insurance and Inland Marine Insurance can help protect the value of assets from fire, theft, or other disasters, which is especially important for future retirees that might have even more difficulty replacing a house full of personal property. Also, it is important to protect assets with Flood Insurance, since older individuals and families often have far more assets to repair and replace than younger individuals just starting out from college.
Protect Family With Life Insurance
In addition to protecting their own assets and financial future, individuals facing retirement must also consider what would happen financially if tragedy strikes the family. Would the family be able to cover funeral expenses, lost income, and outstanding debts? To have more peace of mind in retirement age, individuals and families should take steps to have Life Insurance in place to protect the family in the event of a loss, and to ensure that survivors are not put in a dire financial situation.
Aegis is proud to help individuals and families reach their retirement and financial goals, and this includes helping with Personal Insurance and Life Insurance needs. The friendly and knowledgeable team at Aegis can create a customized insurance solution that meets the unique needs of individuals or families. Contact Aegis today at 713-850-7622 for more information, or go online to request a free quote today!