Tag: Social Security Planning

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Do I Still Need Life Insurance in Retirement? (Ep. 95)

Do I Still Need Life Insurance in Retirement? (Ep. 95)

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Many women enter retirement assuming life insurance is no longer necessary, only to discover that the real issue is not coverage, but access to cash when it matters most.

In this episode, I walk through how the purpose of life insurance changes as you approach and enter retirement. I explain why the real question is not whether you should keep a policy, but what risks still exist in your plan. I share practical examples involving pensions, Social Security, mortgages, estate taxes, and the desire not to burden your children. I also outline how to evaluate existing policies and determine whether term or permanent coverage fits your situation.

Key points:

  • How life insurance shifts from income replacement during working years to liquidity planning in retirement
  • Why retirement accounts and investment assets may create tax or timing challenges at death
  • The risks of losing pension or Social Security income for a surviving spouse
  • Why adding a child as a joint owner on accounts is rarely the right solution
  • How to determine the right type and amount of coverage based on risk, not product
  • And more!

Resources:

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Q&A: Understanding Differences between Social Security Spousal vs. Survivor Benefits (Ep. 89)

Q&A: Understanding Differences between Social Security Spousal vs. Survivor Benefits (Ep. 89)

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Social Security decisions can feel overwhelming, especially when trying to understand spousal and survivor benefits. 

What benefits are you entitled to based on your spouse’s record? When should you claim them?

In this Q&A episode, I address two common Social Security questions that women face. I walk through the step-by-step process for determining spousal benefits for married couples and explore the strategic decisions widows face when choosing between their own retirement benefit and survivor benefits. I also share practical guidance for a recent widow navigating cash flow challenges, work decisions, and benefit timing in the early months after loss.

Key points:

  • The six-step process to determine spousal benefit eligibility and calculate the maximum benefit amount
  • How survivor benefits differ from spousal benefits and why this distinction matters for your strategy
  • Why starting one benefit early while delaying another can maximize lifetime Social Security income
  • Cash flow considerations when facing the decision to return to work while receiving benefits
  • The importance of sequencing decisions rather than rushing to solve everything at once
  • And more!

Resources:

Connect with Eric Blake: 

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