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.
Establishing a solid financial foundation should be a priority, including insurance in the mix. It’s important to understand what affects the cost and availability of insurance.
A major issue for families with children is how to best prepare to send the kids to college. The cost of tuition and room and board for four years now approaches $40,000 for public universities and exceeds $73,000 for private schools.
It makes sense to consult with a financial advisor who is experienced in domestic partnerships. Most individual retirement accounts require you to specify a beneficiary. The last thing you want is a family feud over your estate after you are gone.
Many people obtain certain kinds of insurance through their employment, particularly health and disability coverage. Larger businesses may also offer retirement benefits, such as a 401(k) account. When changing jobs, rearranging coverage and finding out which accounts are portable becomes very important.