The golden years are supposed to be the best time of one’s life. Even though that may not be for quite a while, that doesn’t mean you shouldn’t devote time into preparing. In this article, we’ll be going over everything you can do to prepare for your golden years.
Look to Life Settlement Options
The first thing you should always prepare ahead of time, especially when it comes to living as a senior, is your finances. Once retirement comes around, you won’t have an income stream anymore, so you’ll need to be careful with how you spend your finances. This can become an issue if you’re looking to move or do something you’ve always wanted to without a hassle. Fortunately, there are plenty of ways you can acquire the finances you need to enjoy your golden years. As a senior, the best option to get what you need is to look into getting a life settlement. A life settlement is a process that involves selling a life insurance policy to receive a lump sum of cash.
But unlike the typical method of selling it back to the insurance company, a life settlement has you selling it to a third-party buyer instead. What you receive depends on the type of policy you have, how much value it accrued overtime and what the buyer is willing to part with. Once everything is said and done, you can receive about 20% to 30% of the policy’s value in exchange for surrendering the rights to the death benefit to the buyer. One thing to note is that you need to be careful with what life settlement company you choose. Each one is different and has their own rules, regulations and rates. Not to mention, the industry itself is still fairly new, so it might be a little difficult finding the right one. You’ll have to call around and see who gives you the better offer that you can move forward with.
Determine Your Goals
The next thing you need to prepare are your goals. There are ways your lifestyle affects your health so at this stage you should be aware that your goals need to honor that fact. Your goals can be anything ranging from taking a long-awaited trip, moving to an entirely different country, or trying out a new lifestyle. There are all sorts of things you can strive for, but the number of options can be overwhelming. A great way to determine your goals is to sit down and think hard about what you’d like to do. What’s more is that this goal can be something you wanted to do five to 10 years ago. Long-term goals, like taking a vacation for example, can feel so satisfying to accomplish, especially since there’s no responsibility lingering on your mind. For short-term goals, you can consider learning a new skill or picking up a new hobby.
Live in the Moment
With nothing holding you back anymore, like work, school and raising your family, your golden years should be spent living in the moment. If there’s something exciting you want to do, now’s the perfect opportunity to do so. If you’re able, why not invite your family along as well? Living for yourself doesn’t mean you have to do it alone.
