Pillars of a Happy Retirement: Family
July 20, 2023
When asked to grade themselves on the four pillars of retirement, Americans consistently marked themselves highest on their relationships with family and friends.1 Spending time with family is frequently mentioned by retirees as one of the greatest sources of satisfaction, fulfillment, and support. Once you enter retirement, you likely have much more time than before to spend with your family members, which can strengthen your relationships.
More and more, we are seeing American families become wider and more interconnected, especially since the COVID-19 pandemic. Creating and maintaining stronger relationships with your family, whether by blood or by choice, can add a deep meaning to your life that will span generations.
Families can act as your chief and strongest support network. Once you retire, you will likely be one of the elder members of your family. Maybe you will even become a grandparent if you are not already! Maintaining a strong relationship with your family can keep many doors open for both sides of that relationship. You can be there for your family, sharing your wisdom and experience from your life with the younger generations, They can also be there for you to provide care, good company, and joy.
Many retirees fear becoming a burden on their family members as they age. A great financial tool to ease that burden when the need arises is life insurance. Life insurance is as much an emotional safety net as it is a financial one. It provides your loved ones with a monetary cushion so they don’t have to struggle after your passing. Some types of life insurance plans even have financial benefits that you can use during your lifetime.1
Life insurance can replace years, sometimes even decades, of lost income, helping your surviving loved ones maintain their standard of living in your absence. Additionally, any money received from your life insurance death benefit is paid tax-free. This means your chosen beneficiaries can spend the money however they want. At the end of the day, life insurance gives you one less reason to worry about one day becoming a burden on your family.2
Nothing is more important than making sure your loved ones will be okay, no matter what. Maintaining those strong relationships with your children, grandchildren, nieces, nephews, siblings, friends, and whoever else you hold dear will enrich your retirement. It may also ensure that you receive care in your later years should you need it, and enable you to leave a lasting legacy for generations to come.
If you have any questions about life insurance that you would like to discuss further, please contact our office to schedule your complimentary consultation. We look forward to helping you!
1. The Four Pillars Of The New Retirement: What A Difference A Year Makes – Age Wave
2. Top Benefits of Life Insurance – Forbes Advisor