How Savings-Based Insurance Can Combat Common Threats to Retirement

Did you know that majority of Americans are unprepared for retirement? A recent study found that 78% of workers were concerned they could not afford a comfortable retirement. With many adults choosing to stay in the workforce past age 65 to supplement their income, it is apparent that retirement is a goal fewer and fewer Americans are reaching each year.

Here are the four most common challenges adults face while planning their retirement. Read on to see how savings-based insurance can help you overcome these challenges.

Lack of Planning

If you have waited until your 40’s or 50’s to start planning, then securing adequate retirement can feel nearly impossible. Fortunately, savings-based insurance can help by providing a lump-sum versatile insurance policy. With as little as $5,000 you can invest in a savings-based policy that will accrue faster and help boost your retirement savings in a short amount of time.

Medical Expenses

A 2007 Harvard study found that 62% of all bankruptcies were caused by medical emergencies. Unexpected medical expenses can quickly drain your savings and retirement funds. Savings-based insurance policies can be set up as an alternative to long-term care policies, or as a backup plan for medical emergencies. Since this policy is fully funded from the start, you do not need to wait on the fund to grow or risk higher monetary loss by withdrawing earlier than expected.

Tax Increases

In the past, Americans have looked forward to tax breaks that guaranteed their taxes would decrease as they got older. Unfortunately, that is no longer the case today.

Our savings-based insurance policies can help by providing a tax-free investment opportunity. You are not penalized for the investment, and the policy’s growth is tax-deferred. Although you will be taxed on the earnings if you borrow or withdraw from the policy, your named beneficiaries will not be taxed on the benefits if they receive them.

Slow Investment Appreciation

If you need an insurance policy that will grow quickly, our savings-based insurance policy is the best option for you. Since this policy is fully funded from the start, the policy’s cash grows faster than other forms of life insurance. Savings-based insurance can also be a great legacy alternative to CDs, annuities, and money market accounts for the same reason.

Do not let these challenges stall your retirement goals. Whether you are just starting to plan for retirement, or you simply want to boost what you already have, savings-based insurance can help you accelerate your investments and protect you from common financial emergencies. Contact one of our financial advisors today to learn how savings-based insurance can enhance your retirement portfolio.