When you were imagining life at 65, did you think you’d be swimming in debt? Today, it’s more common than not for those 50 and older to be in more debt than even college-bound millennials!
Since the Great Depression, the baby boomers have taken more financial hits than any other generation in the 20th century. And serial recessions have plagued their pocket books and savings accounts in every decade – the early 80’s, early 90’s, early 2000’s, and of course in 2008.
If you’re depending on Wall Street or the government’s qualified plans for retirement, history has shown it’s not the wisest decision. Paradigm Life works with many clients close to retiring, and they tell us they’re financially frightened about three things – running out of money, rising healthcare costs, and the loss of independence.
If you’re a baby boomer and reading this, we want you to know your fears are legitimate and real. But there is a solution! It’s with Whole Life Insurance. (The Whole Truth about Whole Life Insurance)
Concerned about Running Out of Money?
When you put your money into a whole life policy, it’s like putting your money into a super savings account. Unlike a 401(k) or Roth, this type of savings account comes with no strings attached, and cash value.
Cash Value means that your policy is a liquid asset that allows you the opportunity to invest in other performing assets, or just plain finance your retirement lifestyle.
Because Whole Life is backed by your death benefit, running out of money becomes a forgotten question.
What about Rising Healthcare Costs?
You can use your policy to supplement your healthcare needs. Just like you would use the cash value to invest in other performing assets, instead you can borrow against your policy to pay for your healthcare.
We understand that a lot of retirees simply worry about their health, even if there is no immediate threat. However, knowing you have whole life insurance to fall back on can help you approach retirement from a stress free perspective.
How can I keep my Independence?
Baby boomers are in debt. And the statistics about it are shocking. How can anyone maintain financial independence in retirement with debt hanging over their heads?
Whole Life insurance can help eliminate debt quickly, or at least give you a monetary cushion while executing a financial plan.
We want you to realize that Whole Life Insurance takes care of your retirement fears. You’ve worked hard at your career and in life, and why not give yourself the gift of a happy retirement with Whole Life Insurance?
For more information on Whole Life and Retirement visit Infinite 101, or
Listen: The Economy and Your Retirement
Q: What are the common challenges that Baby Boomers may face when dealing with debt at the age of 65?
A: Common challenges include reduced income in retirement, medical expenses, credit card debt, and the need to balance debt repayment with retirement savings.
Q: What strategies can Baby Boomers use to address debt and financial challenges as they approach retirement age?
A: Strategies may involve creating a comprehensive budget, prioritizing debt repayment, exploring debt consolidation options, and seeking professional advice to create a retirement plan that considers debt management.
Q: Why is it essential for Baby Boomers to proactively address debt issues before retiring, and how can they achieve financial stability in retirement?
A: Addressing debt issues before retiring is crucial to ensure a comfortable and financially stable retirement. Boomers can achieve stability by reducing debt, increasing savings, and making informed financial decisions tailored to their unique circumstances.