When we think of financial planning, we often focus on saving and investing our money. We all want to ensure a comfortable lifestyle in retirement. But it's equally important to protect what you already have, so that one event does not devastate you financially. Protecting your current assets will also help to protect your future, so remember that everyone needs the following five types of insurance.

Auto Insurance. In most states drivers are required to carry at least basic liability insurance on their vehicles. If you owe money on your car, you're also required to carry full coverage auto insurance, so that the value of your vehicle is protected. But it's also a good idea to make sure you're carrying enough insurance. If you are found at fault for an accident, the legal ramifications from a lawsuit could be devastating. It's better to make sure your auto insurance is adequate to cover your potential liabilities.

Homeowners Insurance. Your mortgage company requires you to carry homeowners insurance. But once you've paid off your home, you may be tempted to drop the policy. This is almost always a very risky plan. The small monthly premiums you pay to your insurance provider mean that one of your biggest, lifelong investments is covered in the event of a disaster. Keep in mind that most homeowners insurance policies also cover contents, which would need to be replaced in the event of a fire or flood.

Health Insurance. Your health is probably more important to your overall financial picture than you think. Staying in good health means you can work and provide for your family, while poor health often translates into high medical bills. Health insurance plans cover many forms of preventive care, which can save you money in the long run. If your job doesn't provide a group health insurance plan, purchase your own plan through the state-run exchange.

Disability Insurance. Since your ability to work is key to your financial future, it's important to protect yourself from a sudden disability. This type of insurance will provide money for your living expenses if you are ever disabled by an accident or illness, so that you won't have to raid your retirement savings. This type of insurance is especially important if you're the primary breadwinner in your family.

Life Insurance. In the event of your untimely death, your spouse and children will face expenses such as burial costs, debts, medical bills, and legal fees. Life insurance provides benefits almost immediately, so that your family is protected from financial hardship. 
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​This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 

Over the length of your career, you've paid into Social Security, knowing that it will be an important part of your retirement budget. While Social Security was never meant to be anyone's sole source of income in retirement, it's still important to plan carefully so that you receive the maximum benefits possible.
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You may already know that there are different ages at which you can claim Social Security benefits. Full retirement age is usually age 66 or 67, depending upon your birth year. This is the year at which you can claim your full scheduled benefits. Retiring early, as early as age 62, will net you a smaller benefit for life. On the other hand, if you postpone retirement, you will earn a 7 percent increase in your benefits for each year that you wait to file for Social Security (up to age 70). There's quite a lot of disparity between the check you could receive by retiring at age 62 versus the check you would receive each month if you wait until age 70.

The age at which you retire doesn't just affect your monthly benefits check. Spousal benefits can also be affected. If your spouse never worked outside the home, the spousal benefit may be an important part of your retirement budget. It's important to keep in mind that spousal benefits are calculated at 50 percent of the higher-earning spouse's benefit amount. Therefore, the age at which the higher-earning spouse retires and claims benefits affects not just one monthly check, but two!

Clearly, claiming benefits early at age 62 could have a negative impact on both of your Social Security checks. On the other hand, waiting until later and claiming a higher check will not affect the lower-earning spouse's check at all. Spousal benefits will still be based on the original benefit amount you would have received at full retirement age. Therefore, you can make a little money by waiting beyond your full retirement age, but not as much as you may have hoped.

As you're planning for your retirement, remember to prepare for the fact that one of you will someday be surviving without the other. Social Security provides something called a survivor's benefit, which is based on the age of the surviving spouse. The rules for these benefits are tricky and difficult for many people to decipher. But since sound financial planning is the key to a successful retirement, remember to consult with your financial advisor about Social Security and other sources of income.

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This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 

The presenters of information are not associated with, or endorsed by, the Social Security Administration or any other government agency.

After years spent planning and dreaming about your retirement, many soon-to-be retirees get a little antsy with the wait. If you're wishing you could retire early, you're in good company: A recent poll discovered that some Americans are so ready to retire that they would be willing to take the following actions to make it happen:

• 38 percent said they would sell their homes and rent
• 52 percent would relocate to a less expensive part of the country
• 34 percent would move abroad, to a country with a lower cost of living

If you've been a diligent saver up until this point, the above scenarios might actually work for you. But it's important not to jump the gun before considering all possibilities. Like most things in life, planning and careful consideration go a long way toward making sure you don't regret an impulsive action.

If you're part of that 38 percent who said they would sell their homes and rent, investigate the condition of the real estate market in your area. The housing crisis hit some geographical areas harder than others, but prices may not have fully rebounded in your area. If selling now could mean forfeiting thousands of dollars in profit, it might be smart to wait just a few more years. Renting can come along with its own problems, so it's important to carefully analyze the pros and cons with that situation as well.

Moving to a part of the country with a lower cost of living is a feasible option for many people, especially if you currently live in an area with a very high cost of living. But moving would still mean selling your home, so you would still have to deal with current real estate market conditions. There are also considerable costs associated with moving to another state, and you may end up spending more money traveling to visit the friends and family who live near you now. These are all expenses to consider when planning your budget.

The 34 percent of survey respondents who said they would move overseas are considering a popular option these. Many retirees enjoy the lower cost of living in other countries. Once again, remember to factor in your moving expenses and travel to visit family back home. There are also some special tax regulations associated with retiring abroad, so consult carefully with your tax professional.

If you do decide to retire earlier than expected, remember that you will need to bridge the gap between your employer-sponsored health insurance and Medicare eligibility at age 65. Check with your company's human resources department about your options for extended healthcare coverage.
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This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 

When you were raising a young family, you no doubt understood that carrying a life insurance policy was vital to protecting their future. But now, as you near retirement (or maybe you're already retired), your children are out of the house and supporting themselves. You may be wondering whether life insurance is even still necessary. But before you drop your policy, consider these important ways life insurance can still benefit you.

Provide for your spouse. Even if you no longer need to worry about your children, your spouse might still depend upon your income. If you currently receive Social Security benefits, consider the fact that survivor benefits for your spouse may not be enough to cover their expenses. If you have a mortgage or other debts, life insurance is still important to help your spouse maintain their standard of living after your passing.

Leave a legacy. None of us can predict the circumstances surrounding the end of our lives. But often an illness or old age can lead to high medical bills and other types of debt. Naturally, there may also be some legal fees involved in settling your estate. Since life insurance death benefits are paid quickly, and are not usually subject to income taxes, your life insurance policy could provide your heirs with timely relief from financial burdens at an already difficult time. Any amount left over from paying your estate's debts can be passed to your beneficiaries as a final gift.

Is your term life insurance policy expiring? You may have previously purchased a term life insurance policy, which usually carries lower premiums than other types of life insurance. But since term life insurance only provides coverage for a specific length of time, you policy may be expiring soon. Ask your insurance agent about extending the length of the policy or converting to a permanent life insurance policy. Depending on your circumstances, it may also be better to simply purchase a new policy.

No matter how long you live, the premiums on your permanent life insurance policy will remain the same for as long as you live. A portion of your premiums will go into a cash-value account, where the funds accumulate on a tax-deferred basis. Rates for permanent life insurance policies vary based on factors such as health status and age. Talk to you insurance agent about selecting a permanent life insurance policies that is right for you.
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This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This material only provides highlights of this product--please refer to the product disclosure for information regarding exclusions, limitations, reductions of benefits and terms, including costs and complete details of coverage.