Retiring soon? Consider these 6 insurance options to protect your retirement

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Numerous unexpected expenses can arise in retirement, so it's important to ensure that your money is protected.

Managing your finances in retirement can be surprisingly tricky. After all, in 2021, the average income for individuals 65 and older was $55,335 per year, according to the Bureau of Labor Statistics , while average expenses totaled $52,141 annually. This narrow margin between the average retiree's income and expenses leaves little room in the budget for unexpected costs.Yet, retirement often brings a host of unforeseen expenses.

Or, if you own a business in retirement, life insurance can fund buy-sell agreements or provide liquidity for estate taxes.And, there are a few different types of life insurance options to consider if you're retiring. One is term life insurance, which provides coverage for a specific period, usually 10-30 years. It's generally less expensive but expires without value if you outlive the term.

 

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