For seniors, rising health care costs are a harsh unknown. I am communicating this message as a fellow senior. Unless you are one of “us”, it is difficult to convey a combination of the actual financial impact and the emotional mental uncertainty this creates for our lives. Even though we may feel we saved enough during our working lives to enjoy a retirement at a similar standard of living as when we are working, when the “working wage” ceases it has a huge impact on our mental outlook.
We are constantly reminded by news reports, surveys and articles about how many seniors may have not saved enough for retirement. One, we are living longer (a good thing), and two living longer has its costs, especially as it relates to the rising cost of healthcare (not so good). Sadly, some older people are even increasingly turning to alcohol to cope with life difficulties including retirement, bereavement and loneliness.
So, as we evaluate our finances against what we think is the rising costs of living a reasonable everyday life, think about your life insurance policy. Here is something to think about. Your life insurance is personal property. That is correct, the U.S. Supreme Court over a century ago declared your life insurance belongs to you and may have a value beyond the cash surrender value the life company indicates on your annual statement. In the book, “The Hidden Value in your Life Insurance”, you can explore whether your life insurance policy might provide a cash resource that may help you meet the unexpected costs of health care and other retirement expenses.
Give yourself the opportunity to have a greater peace of mind in your golden years.