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Unusual retirement planning ideas

07/11/11


Americans constantly worry about having enough money once they stop working, but the repeated advice to save more than is being spent may eventually begin to sound like white noise. Fortunately, some experts have come up with extreme and possibly unheard of ideas, according to SecondAct.com.

One of these unusual tactics is for an individual to take out a life insurance policy on their parents, or parent. While this may seem like a morbid and unsettling way to plan for the future some experts believe it is perfectly logical.

However, it is critical to make sure parents understand why their child would take out a policy against their life, so a good relationship may be key. Most companies will not allow an individual to purchase a policy on someone if they are not their guardian or fiduciary.

Additionally, some financial advisors have found that people insure unnecessary items such as cell phones and mail, while skimping on their own health and life insurance. Insurance should typically be reserved for situations in which the person could not pay for things out of pocket.

For younger individuals who have little to no debt, experts also suggest purchasing a second home. This property can serve both as a vacation getaway and a retirement investment.  

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