Will You Be Working “After” Retirement? Then Think About Life Insurance

A new Merrill Lynch/Age Wave study found that 47% of respondents age 50 or older who identified themselves as retired have worked or plan to work during their retirement years. What’s more, 72% of pre-retirees in that age range said that their ideal retirement will include some form of work. Retirement, which had been age 62 to 65, is now typically 65 to 69.

The unforgotten financial crisis may be playing a role in such extended working years. Many people panicked after the market crash, got out of stocks and never got back in. They’ve locked in the losses they took then and are still trying to recover.

Often overlooked in these situations is the need for life insurance beyond the “normal” retirement years.

People are living longer these day and may be afraid of outliving their money. Even those who are financially secure are worried. One solution is to work a few more years. The work might be full or part time, depending on the individual’s health and interests, but often overlooked in these situations is the need for life insurance beyond the “normal” retirement years.

If you still need to work to make ends meet after retirement, what happens to your surviving spouse and family members if you were to die? The need for the income does not go away.

The solution for this problem is life insurance that stays in effect after your normal retirement age. If you don’t survive long enough to complete your financial goals for that comfortable retirement, life insurance can fill the gap and replace the income which has been lost.

by Marvin H. Feldman

Marvin H. Feldman, CLU, ChFC, RFC, is president of the Feldman Financial Group in Palm Harbor, Fla., and president and CEO of Life Happens. He is a 41-year Million Dollar Round Table member and was the 2002 president. He is a 33-year member of the MDRT Top of the Table and a past Top of the Table chairman. He also is the recipient of the 2011 John Newton Russell award, the highest honor bestowed on an individual by the insurance industry.

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