News Resources for Seniors

Planning for retirement can be a complicated process

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When people think about retirement they may picture fishing or gardening, or they might dream of traveling the world or moving to the countryside. However, if a solid financial plan is not in place, those dreams may remain just that, a figment of the imagination, according to the Wall Street Journal.

Simply purchasing life insurance and assuming Social Security will take care of the rest is financially irresponsible and potentially disastrous, the paper says. As it stands right now, the government is predicting that Medicare will be bankrupt by 2024. People need to factor in Medicare supplementary coverage into their retirement plans in order to protect against this possible financial crisis, the WSJ reports.

If a person can afford a universal life insurance policy, which has an investment section built-in, that may be one option. These policies can be cashed in for their value if a person finds himself or herself in a monetary bind and they can also be sold as a life settlement.

These policies do tend to be more expensive than term life insurance plans, so if they are out of reach, working longer than originally planned may be helpful as well, since it will net a person a larger Social Security check. 

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