The Insurance Information Institute referenced an interesting article about senior years that I thought to share with you. It said that “by the time you retire, your accumulated wealth is probably at its height. The challenge now is to manage your assets so that they last as long as you do. Insurance still plays an important role at this stage of your life.” One of the topics discussed in the article under the Financial Planning section was the idea that married retirees “ review their financial situation and determine how much income a surviving spouse would lose” when the other passes away. The article gave an example of how a surviving widow might end up with a 40% reduction in family income due to loss of the other spouse’s social security check. We agree with the article when it states that one of the strategies for seniors should emphasize income-producing instruments that can supplement Social Security. If you would like to discuss this, call us. We’re always here to help.
