Many people who are in their retirement age do not have children. These individuals have different considerations about their financial plans than retirees who have children. Here are ways on how to maximize retirement for people who do not have heirs.
Invest on Medigap and long-term medical coverage
Seniors without children have less family assistance by the time they need medical attention. This is why Medigap insurance is important. Aside from the basic coverage the original Medicare provides, Medigap can pay for additional services like routine checkups, hospital admissions, and other healthcare concerns.
Set up annuities
Annuities are good for savings and unplanned expenses. For people who have started lifetime annuities at a younger age, they can get higher returns by the time they withdraw their savings. These plans can help them purchase a nice house, start their own business, or save up for medical expenses even if they are no longer receiving money on a regular basis.
Update will regularly
Some seniors leave their legacies to extended family members, friends, and even caregivers. Others give their wealth to charities. Whatever it is that they want to do with their money after their demise, it must be clearly stated on paper. Finding a trusted wills lawyer and an executor is a good start.
James A. Foster works for Poulsbo, WA-based Foster Financial Services. The company provides assistance to government employees who need sound advice on retirement planning. Visit this Facebook page to learn more.
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