Many people spend decades preparing to accumulate money.
Then retirement arrives and the questions change.
Instead of "How much can I save?" you begin asking "How will I live on what I've built?"
The goal isn't merely to reach retirement. It's to understand how the pieces are supposed to work once you get there.
Your Pre-Retirement Review
Work through each of these areas before you retire:
- Income — Identify every expected income source.
- Expenses — Estimate essential and discretionary monthly expenses.
- Debt — Know what debts will remain after retirement.
- Social Security — Review your actual Social Security record and benefit estimates.
- Employer Benefits — Understand what happens to pensions, retirement accounts, life insurance and health benefits after leaving employment.
- Healthcare — Understand how healthcare coverage will change.
- Retirement Accounts — Know what accounts you own, where they are held and how withdrawals may work.
- Emergency Reserves — Retirement doesn't eliminate unexpected expenses.
- Protection — Review life insurance and other protection in the context of your current responsibilities.
- Beneficiaries — Check beneficiary designations.
- Longevity — Ask what happens if retirement lasts 25 or 30 years — or longer.
Questions Worth Asking
- What will my monthly income actually be?
- What will my monthly expenses be?
- When should each income source begin?
- What happens if markets decline early in retirement?
- What happens if my spouse outlives me?
- How will healthcare be paid?
- What happens to my family if I die earlier than expected?
- What happens to my money if I live longer than expected?
GEMACE Perspective
The goal isn't merely to reach retirement.
It's to understand how the pieces are supposed to work once you get there.
You don't have to become an insurance expert. But you should understand enough to ask better questions, recognize what matters and make more informed decisions.
How Does This Fit Into Your Life?
GEMACE LifeMap™ begins with your family, responsibilities, goals, concerns and what you're already counting on before discussing possible solutions.
You don't have to become an insurance expert. But you should understand enough to ask better questions, recognize what matters and make more informed decisions.
Educational Information
This material is provided for general educational purposes only and is not intended as individualized insurance, financial, investment, tax or legal advice. Individual circumstances vary. Insurance products, features, availability, eligibility, costs and policy provisions vary by insurer, product and applicant. Review actual policy documents and consult appropriately licensed or qualified professionals regarding your individual circumstances.