Kiplinger’s Personal Finance: Insurance that retirees don’t need

If you develop any of these terms, the insurer will send you a one-time cash payment, ranging between $ 10,000 and $ 50,000, which you can spend however you want. Howard is not fond of this type of insurance, “where you get nothing back unless a specific situation arises.”

He suggests reviewing your possible out-of-pocket health insurance costs to see if you need critical illness insurance or if you can manage the accounts with savings.

Social Security:

  • All the dysfunction and insecurity in Washington has led to a new product: Social Security Insurance. It is a kind of annuity, an insurance contract that converts part of your savings into future income. When you add this insurance to an annuity, the insurer promises that your annuity payment will increase to cover a government deficit that results in a smaller Social Security benefit.

Howard doesn’t think this is a good return on your money. “Retirees vote, and they mainly live in swing states,” he says. “If the government ever lowered Social Security for people who already claim it, they would never hear the end of it.”

Individual dental and visual policy:

  • Travis Price, a Medicare insurance agent in Traverse City, Michigan, doesn’t think individual dental and vision policies are worth retiring.

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