Whenever you look forward to retirement, you may simply see the light at the end of the tunnel for yourself: the day you get to stop having to work. Perhaps you even imagine evenings on the porch with your significant other. But typically, retirement looks like an individual success. Retirement planning can often seem this way as well. When you plan for retirement, you plan for all your potential expenses and maybe those of your significant other. But other than that, you may not plan anything else for your money, or you may not see a reason to leave money behind. It’s not like you can take it with you, however, you do have to consider that there are other individuals affected by your retirement planning financial decisions, especially if you have children.
When you pass away, a couple of things can happen. Funeral expenses and any debt has to be rectified and this can often eat up whatever money you may have had left. If there is no money left, these expenses can fall on the ones closest to you. Life insurance and annuities that have riders on them, can provide death benefits to a beneficiary to cover those types of expenses and also help them out with any financial needs they may have.
With 41 percent of Americans going without life insurance, these individual’s family members should be concerned about what burden will be placed on them in many ways. Life insurance is easy to purchase at just about any age and can cover a variety of expenses, including leaving a lump sum to a beneficiary. Annuities can provide similar benefits if a rider is written into the policy where if an income annuity doesn’t finish paying out, the rest of the sum goes to a beneficiary.
For help understanding how your retirement planning and income can provide financial support and gains for beneficiaries, contact Income for Life today for a free retirement strategy planning session.