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I currently have life insurance through work and an additional outside term policy for $300,000. I intend to retire next year at age 63 with $1.2 million in retirement and savings. I will receive a pension of $1,000 per month for life at 65, and will take Social Security at 67. My wife will continue to work for about three more years.
Life insurance can be helpful if a retiree has debt, such as a mortgage, said Kasey Buckner, a certified financial planner and owner of Granite Financial Group, because it can help a surviving spouse pay those debts off. Right now, that may not apply to you, but it could if you were to move and take on a new mortgage.
Before making any rash decisions, do a few quick calculations to determine if what she’d be bringing in will be sufficient for what she’d need to spend on her own. Run a few scenarios, such as various years when she would be alone, and multiple retirement income levels and needs. And don’t forget to account for emergencies, healthcare and long-term care needs — any of those three things can completely derail a comfortable retirement.
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