People are living longer, which means your savings need to last longer, too. Moreover, the current economic landscape is characterized by uncertainty, volatile markets and historically low interest rates. Together, these factors have altered the retirement calculus for many Americans.
People tend to approach retirement planning with two assumptions:
1) It is best addressed through a combination of retirement accounts, such as a 401(k) or IRA, and Social Security; and
2) the goal is to attain a reliable stream of income once a regular paycheck stops coming in.
In a world of low returns and high volatility, however, these traditional assumptions may fall short.
Many people may be surprised to learn there’s a third alternative: Life insurance can be an important part of a retirement plan. While the death benefits of permanent life insurance are well known, the living benefits are often overlooked. According to a recent poll from Northwestern Mutual, only 25 percent of Americans purchased life insurance as part of a retirement plan. Yet a permanent life insurance policy can be one of the best low-risk financial vehicles available to help you retire comfortably and provide an income stream that you can’t outlive.
Things To Consider
An experienced financial adviser can help you build a comprehensive plan and explain the risks that insurance can help manage against, including:
• Longevity risk and the odds that your retirement might last much longer than expected.
• Market risks and the threat of significant losses when investing in the stock market.
• Taxes and inflation are “known unknowns,” and can take a bite out of retirement savings.
• Health care and long-term care represent significant risks in retirement, given longer life spans, uncertainty around Medicare and rising drug costs.
• Disability can jeopardize your most valuable asset—your ability to earn an income.
Retirement planning should be a lifelong, evolving journey. It may pay for you to talk to a financial adviser about the role permanent life insurance products can play in your retirement plan.
You can learn more at www.northwesternmutual.com and (414) 271-1444.
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