Any time you develop a plan that dramatically affects your life, whether its health, financial, career-related or otherwise, a well-thought-out and customized plan is often the key to success. This is certainly true when it comes to mapping out your retirement. There are dozens of types of financial products available – which translates into hundreds of options to sort through. But, when it comes to finding beneficial and creative alternative retirement strategies, the professionals at LifeGuide Partners are here to help you sort through your options. Our specialists will review options such as life settlements and retained life benefits. Still, no matter the path taken, finding the cash needed to maximize your retirement is always the goal for seniors, and us at LifeGuide Partners.
A large percentage of people fear planning for retirement, partly due to what their retirement options currently “look” like, and the fear of not knowing whether they will be able to retire at all. One of the most critical aspects of retirement planning is to decide what retirement means to you. There are so many questions to be addressed. Do you want to work at all during retirement? Do you want to travel? Do you want to be closer to family? Do you want to volunteer? Then there’s the next step, which is determining how much income you need to fulfill these retirement goals. The predominant key to enjoying the lifestyle you want in retirement is to tap into all your sources of income/cash and to minimize expenses. By using the adage “If you want to earn more, spend less”, retirement can be an extremely gratifying time in a person’s life.
Choosing a professional who is well-versed in alternative retirement strategies can be a big part of reaching the retirement outcome you desire. By exploring both traditional and non-traditional avenues of retirement income, an individual’s available cash flow can be increased substantially. Also, steps such as becoming debt-free before retirement and relocating to an area with a lower cost of living can make a huge difference.
A life settlement, or life insurance settlement, is one option for seniors to access cash to augment their retirement savings and income. Before going this route, there are a few criteria that should be met. Typically, the person’s life expectancy would be less than 20 years, and the value of the policy should be over $100,000. A life settlement is an excellent financial option for people in several categories:
- Those who have lost a spouse
- Those who have lost or disengaged from a business partner
- Those who have outlived their guaranteed number of insured years
- Those with an abbreviated life expectancy due to health-related issues
A LifeGuard Partner professional can review whether this is an option you should explore.
Being unsure of one’s financial future is a stress that affects almost everyone at some time or another. Our professionals can also work along with your top-notch financial planner to explore all options to mitigate this common stressor. As each person’s career tends to follow a unique path, so will each person’s transition into and through retirement. Between savings, income, smart spending, and options such as a life settlement, a comprehensive plan can be created for you. Contact LifeGuide Partners for more information about Life Settlements and other alternative retirement planning strategies.