life insurance
Terry, I’ve been retired from AT&T for 10 years and have been in good health with a part-time job at almost 68 years old now. From AT&T as part of my benefits from working there I carried $50K basic life which declines about $3K per year until I reach 70 and then it’ no longer decreases and settles at $24K. Wonder if I should get some more at this stage from AARP and if so, how much?
Terry Says
Wait, why do you need life insurance at this stage of your life? Is someone depending on your income for survival after you pass on? Do you need some money for burial expenses? There are lots of better ways to spend your money while you are alive than buying life insurance just to make sure someone (the beneficiary) smiles at your death!
Instead, focus on making a financial plan and an estate plan. The financial plan is for while you’re alive — to make sure your current retirement money lasts as long as you do. The estate plan is to make sure your heirs know exactly where anything leftover is going! And make sure you create a healthcare power of attorney and living will (extraordinary care wishes) so that your eventual death — and we will all go there — is as peaceful as possible.
Find a fee-only FIDUCIARY (you can trust) financial planner at www.Wealthramp.com.
