Life insurance for baby boomers and for those who are retired is a complex subject. There are several different life insurance strategies available to those who already have a policy. In some cases, it might be necessary for estate planning reasons for a boomer to buy new life insurance. Or, you might want to replace a whole life policy with term coverage if you still have kids in college that you are supporting. [Read more…]
As we age and pay off our mortgages, it seems that baby boomers and retirees are less likely to itemize deductions. On the other hand, this stage in our lives can introduce new sources of deductions that we may not think of. [Read more…]
If you are a recently unemployed baby boomer, keeping or getting access to health care is critical. At the same time, older workers must preserve and protect retirement accounts if at all possible. It helps to have access to resources that explain your rights and options for continuing or securing new health insurance coverage. [Read more…]
Many baby boomers have been paying for one or more life insurance policies for most of their adult lives. As children grow up and move out, the need for life insurance diminishes. Even an otherwise dependent spouse may not need as much or any life insurance protection. Instead, accumulated retirement assets, disability insurance, long term care insurance, and Social Security benefits can be counted on to replace income lost from an unexpected death. [Read more…]
Mrs. GoTo and I received our long term care insurance policies last week. The policy was part of a large portfolio of documents that the agent delivered to me. I immediately opened up the policy document to review what I consider to be the key provisions. I thought I would share these with you to give you something to think about when considering purchasing long term care insurance for yourself: [Read more…]
Baby boomers seem to become more reflective and aware of age, aging and the concept of “how much longer do I have.” We’ve done a lot but we want to do a lot more. We’re just worried about how much time we will have to get it all done.
Several years ago, my employer switched our group health insurance to a high deductible plan with a Health Savings Accounts (HSA). Unless and until the Obama administration manages to totally revamp our health care system on a national scale, I suspect that many baby boomers will be introduced to the Health Savings Account in their workplaces as well. [Read more…]
This post discusses the analysis and logic we considered in making this purchase. [Read more…]