Making Forced Retirement Work

(2 Minute Read)

While we can do what we can to protect ourselves from any unseen costs by maintaining an emergency savings fund, some things are bigger than emergency funds. Like when you’re forced into retirement because of a serious accident or medical condition. Not only does this disrupt the plans you had for retirement, and lower the anticipated retirement fund you had prepared for, it also introduces more financial burden with each medical cost. While it’s hard to plan for this to happen, there are certain things you can do to help make life easier and make sure you still have a decent income to live off of even while having to pay high medical bills off of a smaller-than-expected retirement fund.

Ask Friends and Family for Help
Where would we be without our loved ones? Close friends and family are there to help you through life. This is why we maintain such close relationships with those we love. If you’ve been forced into retirement due to an unexpected injury or medical condition, talk with those who you are close with and ask for help. Of course, you don’t want to burden your friends and family, and that’s reasonable of you, but most will be willing to help you out how they can. This doesn’t have to be monetarily alone: help getting to medical visits, therapy sessions, and help around the house can improve your life more than you’d expect when facing this difficult challenge.

Consider Selling Your Life Insurance Policy
You may never have thought about your life insurance policy as an asset, but that’s exactly what it is—life insurance policies are one of the best investments for seniors. Sure, you worry about those close to you when you pass and you want to make sure they are taken care of, so you have an insurance policy to help with funeral costs and a little extra for family members after you’ve passed. However, when faced with a situation like this, it may make more sense to sell your policy in a life settlement to help aid in your medical costs. If you qualify for a life settlement, it may allow you to get by without having to seek help from your children or family. This is a good way to relieve stress and provide money for seniors facing unexpected retirement because of a medical injury or condition.

 

LSA QCal

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