When moving into your senior years and beginning to plan for retirement, it’s important to consider how you will cover health care costs — especially if you won’t be eligible for Medicare before leaving your job. Let’s take a closer look at your options.
Medicare and Supplemental Insurance
Most people don’t think they’ll ever suffer a life-altering disability. However, a 20-year-old worker has about a three in 10 chance of suffering a disability before reaching retirement age. Most are not financially prepared.
Once you’re retired, your need for insurance changes. It is a good idea to look at your coverage options and figure out what you need and don’t need, and where you might be able to achieve some savings.
It's wise to make sure you're getting the best price on your homeowners insurance. And it's equally wise to compare your rates with your agent's customer service to make sure you're receiving the best value for your dollar.
People often think if they have a disaster, they’ll just get a check in the mail for the amount of their coverage. But most insurance companies won’t just cut you a check without a list of the items you are seeking to have replaced.
If you faced a loss of your belongings through fire, theft or natural disaster, would your personal property insurance coverage be sufficient to replace everything? Compile a home inventory to give you the answer.
Have you discovered you were uninsured or underinsured after you experienced a theft, tornado, fire, etc? You may be able to claim your loss on your income tax return.
Most people know it's essential to have a home inventory to prove ownership of property after a tornado, fire, hurricane, burglary, etc. But there are many other situations where having this information would prevent devastating results.
Insurance policies can be as difficult to read as any other legal document, resulting in a high proportion of policyholders not understanding what their policies actually cover. Here are some of the most common misconceptions.
Life insurance may perhaps be not only the single biggest benefit in the tax code, but also the most cost-effective way to protect a large IRA. If set up correctly, life insurance proceeds could come into the estate sans estate and income tax.