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Life Insurance and Retirement Planning
Can you believe how quickly time flies? It seems like yesterday that you graduated from college, purchased a new home and had your children.
Now the children are grown, retirement no longer seems a lifetime away and you may be worried that your retirement savings and your 401(k) plan may not be enough to give you the retirement lifestyle you want.
Many people aren’t aware that life insurance can do more than just protect your family in case you die. Life insurance can actually help you reach your retirement goals so you and your spouse enjoy your golden years with less worry. Let us show you how we can help.
Effective Retirement Income Strategies Using Life Insurance
Pension Maximization
When you’re ready to retire and you have a company pension, you’ll likely be asked to make a choice for your income between a Life Only option and a Joint and Survivorship option.
The first option will pay you more income per month, but those income payments will stop when you die, leaving nothing for your surviving spouse. The second option will continue to pay your spouse if you die first, but you have to take a lower income amount from day one.
Pension Maximization is a life insurance strategy in which you choose the higher income amount associated with the Life Only option from your employer, while providing enough insurance to continue that income for your spouse if you should die first.
If you’d like to learn more about pension maximization and some other things you should consider, you can download our brochure (pdf 260kb).
Retirement “Extra” Using Life Insurance for small business owners
Small business owners face unique challenges funding a retirement plan for themselves.
Providing a company-sponsored plan can be expensive to set up and administer and it’s not uncommon for many small businesses and professional practices to forego a formal plan. In addition, contribution limits on most plans severely restrict the amount of money the small business owner can set aside, giving them one more reason to look elsewhere for retirement solutions.
The ING companies have a number of effective retirement funding solutions using life insurance that uniquely fit the needs of many small business owners.
If you’d like to learn more about our retirement “Extra,” its benefits and considerations you should make, you can download our brochure (pdf 290kb).
Insurance products are issued by ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and Security Life of Denver Insurance Company. All are members of the ING family of companies. Only ReliaStar Life Insurance Company of New York, Woodbury, NY, is admitted in and issues product in the state of New York. Obligations are the sole responsibility of the issuing company.
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