Life Insurance Thursday: How Much Money Do I Need To Retire?

retireRetirement savings, it can be a difficult thing to understand at time. The question as to how much you need to retire is a complicated one. Planning for any large goal, such as retirement, it is important to have an understanding of potential outcomes.

As far as how much life insurance is needed to retire, it really depends on where you are at different points in your life.
So you’re still asking, how much do I need to retire?

First, you should estimate your retirement income needs. You should estimate retirement income resources. Next, determine your retirement income gap by subtracting (2) from (1). Finally, estimate your savings necessary to bridge the RIG.

Life insurance can be used as a retirement investment, while also protecting your family. Life insurance policies designed to take advantage of tax treatment can be perfect for high income investors. A life insurance retirement policy will provide supplemental retirement income through market appreciation, tax-deferred accumulation, and a life insurance death benefit.

If you have any questions about how you can use life insurance to supplement your retirement needs, please give an agent here at Community Insurance a call. Also, remember to check back here every Thursday for answers to all of your life insurance questions.

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