Retirement doesn't look the same today as it did a decade ago. At one time, couples would spend their time paying off a mortgage and leave the house to the children in their will. They would leave an inheritance for the next generation too. That isn't the case now. People are living longer and taking the money they used to leave for their children to pay for a variety of expenses.
Health Care Costs
One of those expenses is the rising costs of health care. A few decades ago, employers would continue to provide health insurance for their retired employees. Today, retirees are completely responsible for their own health care costs. Medicare doesn't cover everything, and the premiums went up in costs.
Many retirees expect that their social security benefits
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They're often dipping into their retirement fund for those health expenses.
Life Insurance Debate
Some people have enough assets that they don't have to worry about the loss of a spouse. If your spouse were to die, you should consider whether you need the amount of life insurance you had when you were younger and had children to support. One of the considerations is whether you'll need to make significant lifestyle changes after their death. If it would put a financial strain on you, keeping the same amount of life insurance is still a good idea.
After paying for years, life insurance is often only enough to pay for burial costs. Statistically, people are not often given the best rates on their policy by the insurance company. For the first few years after a death, the benefits are minimal because the insurance company wants to ensure that the information they received is correct. They can dispute the details of the person's death in that window of time. After the two years, the benefits do not rise that