Okay, you’re way too young to think about supporting yourself in retirement now, but the years have a way of slipping by and one day in the future while sitting in a room full of people it will dawn on you that you are the oldest one there. BUMMER! Going forward how are you going to continue living in the grand manner to which you have become accustomed when the pay checks stop coming in? Social Security retirement dollars won’t do the job…assuming it is still around, and you may or may not have a few pension dollars from your employment years. We are living longer now and you will need a resource for more cash in your later years so life insurance should be in the mix as a go-to resource.
If the question is when and how much to start investing for retirement, the answers are NOW and ANY. If it’s only fifty or a hundred bucks a month, start now. The older you will look back and thank the younger you, I guarantee it…and include life insurance in your investment strategy. Together with stocks, bonds and other investments, whole life insurance provides a hedge against dying too soon…providing income tax free cash to help support your widowed spouse/children…or living too long…providing additional income from its cash value if needed.
Over the past seven years life insurance dollars have supplemented Social Security to the tune of One Trillion Dollars*,(that’s a one followed by twelve zeros). Assuming my admittedly suspect math is correct: Starting today, you could spend $1,000,000 per hour, 24 hours each day for the next 411 Years before going through the full trillion bucks…so it makes sense to include life insurance in your retirement nest egg portfolio.