• Skip to primary navigation
  • Skip to main content

Krueger Hernandez & Thompson SCEstate

Attorneys at Law

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Attorney and Staff Profiles
    • Communities We Serve
      • Adams County
      • Columbia County
      • Dane County
      • Madison
      • Sauk County
  • Estate Planning
    • Asset Protection & Business Planning
    • ESTATE AND GIFT TAX FIGURES
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Practice Areas
    • Business Needs
    • Divorce / Family Matters
    • Real Estate
  • Resources
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • LGBTQ Resources
    • Pre Consultation Form
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • When a Loved One Passes Away With a Trust
      • When a Loved One Passes Away With a Will
  • Testimonials
    • Review us
    • Our Testimonials
  • Blog
  • Contact Us
  • Call Us Today (800) 431-9776
  • ATTEND FREE WEBINAR
    • Medicaid Planning
    • Estate Planning
  • Show Search
Hide Search
Home / Retirement Planning / Retirement Planning and Insurance: What Type do you Need?

Retirement Planning and Insurance: What Type do you Need?

Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC · Oct 7, 2016 ·

retirement planningAre you looking forward to the day when you no longer have to work? Even if you plan on working a bit in retirement, the full-time grind will be in the past. You now have the time to focus on things that are more important to you, such as your family and traveling.

Regardless of your age, retirement planning is something you should always have in the back of your mind. If you ignore this, there is a good chance you won’t be happy with where you end up. Remember, it only takes one mistake to cause you trouble in retirement.

Having the right insurance in place is a big part of retirement. It is easy to believe that you can begin to back off your insurance needs as you age, but this is not typically the case. If you do this, you may be putting yourself in a challenging position. Furthermore, it could put a lot of stress on your family in the future, such as if you become incapacitated or pass on.

Types of Insurance to Consider

You are not required to purchase the following types of insurance. Even so, most people in retirement find that it would be in their best interest. Not only does it give them peace of mind during this stage of their life, but it does the same for their loved ones.

Life Insurance

Most people are familiar with the benefits of life insurance. As long as you have an active policy when you pass away, your beneficiary will receive the death benefit.

Life insurance is not something you should wait to purchase. There is a reason for this: the older you are the more expensive it will be. On the same token, if you have any health concerns, which are more common in retirement, your premium will also be higher.

There are many types of life insurance to consider, with whole life, term life, and universal among the most popular.

If you want to guarantee your beneficiary of a death benefit payment, whole life insurance is the way to go.

Long Term Care Insurance

It goes without saying that you never want to be in a position to receive home care or spend time in a nursing facility. Unfortunately, this could happen at some point during your retirement.

If you don’t have long term care insurance, you must rely on your personal savings and other assets to pay for care. If this doesn’t work for you, it is your hopes that your family will come through.

Rather than risk your money and put your family in a difficult position, you should consider the benefits of long term care insurance. With this type of policy, some or all of your care will be covered. Subsequently, you don’t have to worry about burning through all the money you worked so hard to save.

Disability Insurance

Are you interested in working in retirement? This is something that a growing number of people are doing. If this sounds intriguing, you may want to purchase a disability insurance policy.

If you are injured on the job, your policy will pay out a percentage of your salary until you are able to return to work.

Note: check with your employer to see if they provide group disability insurance. If they do, you may be able to receive coverage for free. Even if it costs, it could be less than what you would spend on your own.

These are three types of insurance you may want to have as you reach retirement age.

Do you have more questions about retirement planning and the types of insurance you need? If so, don’t hesitate to meet with an estate planning attorney. Along with this, don’t wait to download our free report entitled “Fifteen Common Reasons To Do Estate Planning.”

With this report guiding you, it is easier to understand why you need to create an estate plan and how to focus on your retirement and insurance options when doing so.

There is a lot that goes into retirement planning, and insurance matters should be at the top of your list. Don’t wait to give these details the attention they deserve.

  • Author
  • Recent Posts
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
As the owner of Krueger Hernandez & Thompson SC, it is Stephanie’s mission to address each client’s goals for their estate plan. By identifying their wishes and concerns she can educate, guide, and counsel on the different tools and options that will effectively and efficiently accomplish those goals.
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Latest posts by Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC (see all)
  • The Toll of Serving as Fiduciary - May 11, 2022
  • Just When You Thought You Understood the 10-Year Rule, Think Again - May 5, 2022
  • Business Succession Planning May Be Easier than You Think - May 2, 2022

Retirement Planning

Blog subscription

MIDDLETON

8215 Greenway Blvd, Ste. 590
Middleton, WI 53562
United States (US)
Phone: (608) 824-9540
Fax: (608) 824-9140

BARABOO

120 Third Street, Unit A
Baraboo, WI 53913
United States (US)
Phone: (608) 356-3961
Fax: 608-824-9140

By Appointment Only
All Mail Should be Directed to the Middleton Address

Opening hours

Monday7:00 AM - 5:30 PM
Tuesday7:00 AM - 5:30 PM
Wednesday7:00 AM - 5:30 PM
Thursday7:00 AM - 5:30 PM

Map

map for Krueger Hernandez & Thompson SC Estate ofice

  • Facebook
  • LinkedIn
  • Twitter

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us