Will you have health insurance?
There are several ways you can get health insurance after you retire:
- Through your employer. Some employers offer health plans to retirees.
- Through your spouse’s employer. If your spouse is still working, maybe you can join their health plan.
- Medicare if you’re 65 or older or have a disability that makes you eligible.
- Buy your own plan from an insurance company or HealthCare.gov.
If you get coverage through your employer and Medicare, ask which one pays first and which one is “secondary.”
Do you have retirement and savings accounts?
Ask your employer for a statement of any accounts you’ll take with you. These could be retirement accounts, annuities, life insurance, or long-term care insurance.
Do you need life insurance?
If you have life insurance, consider whether you still need it. If no one is relying on you for income, maybe you can sell your policy or stop it. If your policy has cash value, you can get the money you built up. Ask about any charges or fees before stopping or selling a policy.
If you only have life insurance to pay funeral expenses, there are cheaper plans that pay expenses. Ask a trusted friend or financial adviser about other ways to pay.
Do you need long-term care insurance?
Not everyone needs long-term care insurance. It’s usually a good idea if you have significant assets you want to protect. Premiums get higher as you get older, so don’t wait too long to buy it if you want it.
Keep your family or a trusted source in the loop
Share your insurance policies and cards with anyone who will – or is planning to – help manage your money as you age. This ranges from health, long-term care, and life insurance to car and home insurance policies.