Why would you get life insurance after the age of 65? David shares three good reasons why you might consider using this financial tool. What kinds of things do you need to plan for? While you might not know what the future holds, you can be financially prepared for it.
Many financial decisions are irreversible, so you want to get them right the first time. David shares today about different decisions that can’t be undone and how to navigate them.
Once you make a decision about claiming Social Security, you can’t re-do unless it’s within the first twelve months. In those first few months, if you decide to go back, you have to pay back the taxes and money you got. David outlines the reasons why you might decide to go back on your decision, despite the inconvenience.
If you have a pension and are married, you may need to set up spousal benefits. There are a lot of decisions to make regarding how it is set up. Once it’s done though, there’s no going back.
When you get life insurance, you get underwritten based on your health. You want to get this started as soon as possible so you don’t later find out you are uninsurable. You can always cancel it and get a lower price later if that option becomes available, but you want to have a policy in place in case your circumstances changes.
Choose your retirement date carefully. While you may be able to go back to work later, you don’t want to miscalculate how much money you’ll need. Not everyone can go back to work later. There are a lot of uncertainties in retirement, but your financial plan shouldn’t be one of them. Having a proper plan in place is key.
If you ever want your question spotlighted on the show or to ask David something about your retirement, email him at [email protected]
Listen to the entire episode or skip ahead using the timestamps below.
0:40 - What is David up to this weekend?
1:40 - What happens when you start Social Security?
5:23 - How rigid is the decision to elect spousal benefits on your pension?
7:43 - Get life insurance before you become uninsurable.
11:07 - Choose a retirement date wisely.
"Am I truly ready to retire? Or should I work another year or two to make sure that my family and I are in the right spot?"
– David Dickens
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CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
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