You do not have to go through retirement alone.
A firm foundation in all stories always winds up being an asset. It is true in love, learning, growth, and your spirit, but it is also true that your retirement and consideration of your future can give you more freedom and less stress to enjoy the next stage of life.
So often, I see people are attempting to work out the fine details on their own for fear of dishonest actors selling them a false bill of goods and creating an unfortunate situation.
I understand this as an agent. I can see the beneficiaries’ side of wanting honesty and the simple solution that fits the budget. Then, the agent not wanting to disturb your day could potentially help your current situation by saving your dollars for things you may need.
I want to give you an idea of what your agent should be asking. It is ok not to answer every question if you feel uncomfortable, but I will say that if you allow an experienced agent to assist you with your retirement plan, at the very least, your healthcare, you will find greater ease in the whole process.
Below are a couple of things your Retirement plan should consist of in its infancy.
Most retirees are happy under their current group plan with the company they have work for years. The truth is that once you lose employment, the insurance is usually quick to follow. The incentive to swap to Medicare is the increased cost of continuing your group coverage and the time limit often given.
Common Retirement Healthcare Options:
- Enroll in Medicare – If you are 65 or older and retiring, Medicare will most often be the best and most cost-effective option for your healthcare. The process is not complicated, but there are a few moving parts. Honest and experienced agents can take you from A-Z, dispelling any myths about how difficult the process has to be. Medicare is a fully functioning system that works well when all the information is submitted accurately.
- 2. Under 65 retirement — If retirement age comes a little sooner for you, there are also options. First off, see your current employer’s retirement benefits and what they offer to extend continuing group coverage for you and your family. The Consolidated Omnibus Budget Reconciliation Act or COBRA can be a costly option. Have an agent check into the ACA marketplace to see what you or your family may qualify for there. Finally, stand-alone plans are available; these vary in benefit but are viable options in the interim.
Next, we will look at the financial side of the equation. When retiring, the question is, “Do you want your money to stop working as well?” Agents will ask fact-finding questions about your savings or retirement to ensure that you are not interested in the many investment options that present themselves.
An Annuity is an iron-clad way to ensure a decent return in an acceptable time frame. These guaranteed interests options are much more attractive because of the low risk involved.
There are more risky options with a higher yield, but your average medicare agent will not have the best insight. Still, more than likely, they will know someone knowledgeable and will gladly refer you to another reputable person who can assist you better
The whole point is not to be afraid to ask for help in the process of retirement. Find the agent who you like and allow them to help you with these processes. Ask questions and allow the agent to help when the decisions have been made.
As independent brokers and representatives, we have the best interest of all parties involved. We are seasoned in communicating effectively with insurance companies and beneficiaries and are always here to help.