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It’s no old story: retirement isn’t always what it’s chocked up to be. It’s very common for many people to face stressful financial difficulty. As we get older, medical expenses tend to rise and stable income isn’t an option, which leaves a lot of us in an unfortunate situation. Bettering your financial situation after retirement may feel tricky, but being able to receive help from your friends and family and making important financial decisions with your assets might get your out of a sticky financial rut.
Accept Support from Your Family
It’s not always easy to accept help from close friends and family, but that’s what gets everyone through tough times. Being on the receiving end of the support system between you and your children may feel upsetting at first, but think about everything you did for them as they were growing up. Accepting support from your children can look like a number of different things. For one, it could mean selling your home and moving in with one of your children. It can also look like accepting financial aid to make sure that all of your bills are getting paid—but be sure to discuss any gifts with a financial advisor to ensure no one will be taxed on those moves. Moving in with a child can take away housing expenses—which can be 30% or more of your total expenses. This can make life after retirement a lot easier, and a lot more enjoyable. If you’re in a rut, talk with your family about your situation and come up with a solid game plan that makes sure everyone is taken care of, just like when they were still taking up residence in your home.
Consider Moving Into a Retirement Facility
Not only are retirement facilities helpful in aiding retirees medically, but they can often take the burden of financial stress off. Most retirement properties are covered by insurance plans, meaning that a large chunk, if not all, of the living expenses will be covered by your insurance. Check with your insurance provider to see how you can make your living situation easier and check what your coverage would be. Not all insurance plans will cover retirement facilities, though. In this case, you may want to consider asking your children for help, or perhaps upgrading your insurance policy. It would be worth looking into whether a new insurance plan that would cover all or parts of a retirement facility’s expenses would be cheaper than paying for it all out of pocket.
Sell Your Life Insurance Policy
Selling your life insurance policy for a life settlement might be the right answer for you and your family. Of course, you want to make sure your family is taken care of after you’re gone, but if you’re bound by stressful financial restraints after taking your retirement, then you might consider selling your life insurance policy to help yourself out. This can mean taking less help from your loved ones, which can make life a little easier for everyone. You can see if your policy qualifies by using our qualification calculator.