Living your retirement and leaving something financially to your loved ones don’t have to be mutually exclusive goals.
Here are four legacy hurdles you may encounter and ideas to get past them.
While many unforeseen events in retirement are health-related, retirees may also face unexpected and costly home-related expenses, the need to assist family members financially, and even divorce. And your unexpected passing may place a financial burden on those you leave behind. Talk to your financial professional on how indexed universal life insurance and annuities may help you build in a bigger cushion to help protect your legacy from the unexpected.
Bequests to loved ones can quickly turn from acts of generosity into complicated burdens due to one thing: taxes. Yet taxes may potentially be reduced through a smart legacy strategy. Talk to your financial professional to see if an or an indexed universal life insurance policy or an annuity may make sense for your tax strategy.
Long-term care expenses
Between 2010 and 2050, the 85+ population is projected to rise 351%.”1 With longer lifespans, however, comes the possibility of increased long-term care (LTC) expenses that can erode what you intend to leave behind. Ask your financial professional how annuities with LTC benefits or an indexed universal life insurance policy with accelerated access may help you preserve your legacy strategy.
Required minimum distributions
When you turn 73, the IRS will require you to start taking Required Minimum Distributions (RMDs) from your IRA. And with people living longer, those RMDs may disrupt your legacy plans. But some annuities feature death benefit options that can help keep your legacy plans on track, despite RMDs. Check with your financial professional for details.2 In addition, indexed universal life products offer the potential to accumulate cash value, without having to take RMDs.
Products for your legacy strategy
Delivers growth potential with no market losses. Plus, an optional death benefit for guaranteed growth.3
Provides personalized, tax-deferred growth potential. And includes an option available for an additional cost to help ease your beneficiary’s tax burden.
Preneed life insurance
Helps cover your funeral expenses and minimizes the obligation on your family: the benefit is payable directly to the funeral provider upon your death.
Ready to review your legacy strategy?
Talk to your financial professional today to see what types of changes may make sense for you.