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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