Nearing Retirement? Consider getting Disability Insurance.
[Editor’s Note: October is National Disability Awareness Month. This blog was originally published on August 23, 2013. The content has been updated.]
When you consider the fragile, financial predicament of many retirees today, you’ll appreciate the role long term care (LTC) insurance and disability insurance (DI) play in offering a leg boost. LTC insurance and disability insurance payments can take a huge load off your back.
Consider what retirees and those near-retirement think about their retiree life
A recent poll by the Robert Wood Johnson Foundation on retirement issues has brought out serious concerns among people nearing retirement age in this decade. The poll has clearly pointed out that there is a marked difference in what those who are nearing retirement and have already retired think about retirement. Members from both groups, were asked what they thought about and experienced (if already retired) living their retiree lifestyles. Here’s the contrast in perceptions they observed:
- 14% of the group nearing retirement thought that their retiree life was going to be better off than before
- However, 25% of those already in retirement said that life was significantly tougher and more challenging than before they were retired
The findings of the poll included a spotlight on the cost of retirement. “Many retirees and pre-retirees think they don’t or won’t have the income needed to live comfortably in retirement. About one in four pre-retirees (27%) and one in three retirees (35%) say they won’t have the annual income they need to live comfortably in retirement.” In retirement years, dealing with health complications is many times more severe, not just because of old age but also because of inflation, rising cost of healthcare and newer innovations and improvements in medicine that come with a price.
The Employee Benefit Research Institute (EBRI) recently released the results of their annual survey, and more than half of those in retirement who were surveyed were not sure that their savings could last them through their retirement. USA Today covered their survey in an article that shared two steps by Katherine Dean at Wells Fargo for those at the threshold of retirement. Number One, acknowledge that retirement expenses are going to be massive. Number Two, plan and prepare for it by anticipating costs, calculating how much you’ll need, and finding ways to bridge the gap when savings and retirement pensions won’t be enough. I give this same advise when advocating safety nets like insurance.
Seniors can secure their retirement life by adding long term care and disability insurance to their financial portfolio. Request a quote at AccuQuote to see how much premiums would potentially cost you. You’ll also get help from an experienced agent that you can trust who will be able to get you just what you need. Talk to one today so you can enjoy your retirement years with ease.
For more information on disability insurance, talk to AccuQuote. We can provide quality, competitive disability insurance quotes from the top-rated, brand-name insurance companies you know and trust.