When you started saving for retirement, you probably did some rough math and sought advice from Wall Street financial advisers. You figured out how much money you’ll need to withdraw per year, how many years you expect to live in retirement, and how much you need to set aside during your working years to hit your magic number. The only problem? Average life expectancy is constantly creeping up, and the longer you live when you’re in your 80s, the more likely you are to stay alive for a few more years. Let’s break down this financial conundrum that weighs heavily on so many Baby Boomers today:
You can’t rely on Wall Street to tell you how much you need to save:
Wall Street uses simple algorithms that are based on average life expectancy, but you are an individual, not a statistic or an average. The number of years that you live in retirement may fall way outside of these predictions.
Traditional projections will leave you penniless at death:
Wall Street’s financial planning tools are typically based on the assumption that you will have just enough money to live on until you die. Even if you live to exactly the age you’re projected to live, you will be left with nothing when you die. This hardly seems like a reasonable way to financially plan for the final years of your life.
You deserve to be able to pass on your wealth to loved ones:
If your life happens to align perfectly with the financial trajectory that Wall Street has set out for you, you won’t be able to pass on any of your wealth to loved ones – for the simple reason that it will be all gone. You will die knowing that everything you’ve worked for has been spent.
You need a wealth-building plan that does not leave you penniless:
To die with financial dignity, you cannot count on dying at any particular age – and you need a wealth-building strategy that complements this reality. With a whole life insurance policy, you can achieve the financial dignity that you desire; this unique investment allows you to access the cash value of your policy at any time to help fund your retirement years. You have total control over your cash flow, and best of all, a whole life insurance policy will not leave you penniless when you die.
No one wants to outlive their retirement savings, but if you’ve relied too much on traditional projections touted by Wall Street, you are making yourself vulnerable to exactly that fate. With a whole life insurance policy, you can get out of Wall Street’s retirement mentality and put yourself on a path to meaningful wealth-building that will financially protect you and all of those who mean so much to you.
For more information on setting up a retirement strategy that protects your financial dignity, visit Paradigm Life’s Planning for Your Complete Retirement Journey.