4 great plays for your Financial Game Plan.
#1 Pay Off Your House
Most expect to have their mortgages paid off by age 75. However, 21% of Americans still carry a mortgage at that age.
#2 Purchase Life Insurance Outside of Work
Employer provided life insurance, while typically budget friendly, does not address your need for long term care. If you leave your employer, or your employer leaves you, you typically lose your life insurance too. A good permanent policy will address long term care, can generate tax-free income in retirement, and leaves a tax free benefit to your heirs.
#3 Guarantee Your Retirement Income
Have a retirement income plan that bridges the gap between what Social Security pays you and what you spend. Ideally, this income would be guaranteed and would last two lifetimes, yours and your spouses’.
#4 Complete Your Will
Get your estate planning documents together. 68% of Americans don’t have a will. Most people need to have a will, a power of attorney for healthcare, a financial power of attorney, and advance directives.