Practical Gifts To Celebrate Your Retirement
Being boring is underrated. Boring gift recipients are the best kind. It’s stressful to buy gifts for adults because they might take them the wrong way; they might think your gift is a subtle criticism about their appearance or financial habits. The most fun adult relative to buy gifts for is the one who says, “I love getting socks for Christmas” and really means it; socks eventually wear out, so they won’t just be gathering dust in his house. Now that you are retired, there is less pressure to show everyone how cool you are. Retirement is the time to be unapologetically practical. You and your spouse should buy yourselves a gift to celebrate your retirement. It doesn’t have to look good in pictures on Facebook; it doesn’t even have to be visible at all. If you want someone to brainstorm about surprising your spouse with an awesomely boring retirement gift, contact a Tampa estate planning lawyer.
Buy Yourself Some Insurance to Celebrate No Longer Having to Depend on Your Employer for Insurance
When you retire, you no longer have to pay for work clothes or a parking permit in the parking lot of your workplace, but you do need to buy insurance. When you are 65, you are too old to buy term life insurance, and when you retire, you get Medicare instead of employer-provided health insurance. You still need to buy insurance to protect your family financially in the event of your illness or death. These are some types of insurance that retirees should carry:
- Comprehensive medical and dental insurance – Being a Medicare beneficiary does not mean not being responsible for any of your medical expenses, and Medicare does not pay for any dental treatment except when the patient’s condition is truly dire.
- Long-term care insurance – If you have long-term care insurance, you can spend years in the assisted living facility or private nursing home of your choice without having to sell your house or worry about creditors trying to force your estate to sell it during probate.
- Hybrid life insurance – Hybrid life insurance policies are designed especially for elderly clients. They pay for up to five years of residential care in a nursing home, and if the insured dies without using up all of these benefits, the designated beneficiary gets a payout. By contrast, Medicare only pays for three months of nursing home care.
You Now Get to Enjoy Doing Nothing
When you are young and saving for retirement, putting money in the bank and leaving it there feels great. You can continue to enjoy that feeling now that you are retired. If you have a comfortable routine that keeps you physically and socially active, there is no need to add expenses to it. Enjoy walking to the public library and checking out books while your money sits undisturbed in the bank. Your heirs will not complain if the money is still there when it is their turn to inherit it.
Contact David Toback About Having a Delightfully Boring Retirement
A Central Florida estate planning lawyer can help you make wise estate planning decisions so you can have a stress-free retirement. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
gobankingrates.com/retirement/planning/things-boomers-should-buy-in-retirement/?utm_term=related_link_1&utm_campaign=1272123&utm_source=yahoo.com&utm_content=3&utm_medium=rss
