Savings and Retirement

Planning to retire soon?

Older teacher in classroom with book

Thinking about retiring soon? Congratulations! That probably means you’ve worked for quite a while and have savings or a pension to help you with your retirement income needs. It’s an exciting time for you as you realize your long-term dream.

However, it’s important to review the components of your financial strategy before you retire to make sure you have enough income and insurance protection as you transition to your retired status. Here are some things you’ll want to discuss with your Horace Mann representative:

  • Evaluating your retirement income: See what you will receive from any pension you have and how you’ll receive funds from your supplemental retirement accounts (403(b), 401(k), 457(b), IRA, Roth IRA, etc.). You’ll need to have ways to make your income last as long as you live, along with Social Security (if you qualify), so you may want to consider some different payout options. You may also want to “test drive” your projected income by trying to live off of that amount for a couple months.
  • Life insurance: Yes, you may still need life insurance coverage if you are retired, especially if anyone else will count on the retirement income you receive (spouse, family or even charities). You will also want to consider whether you want to add any additional coverage to pass along money to your heirs or to organizations you care about.
  • Property and casualty insurance: You know you’ll still need to protect your vehicles and home. If now is the time you’ll look to purchase that vacation condo, you’ll want to cover that also. You may want to consider an umbrella policy as well, since someone could be injured on your new property. Or, if you are downsizing to a rental and selling your home or condo, you’ll want to talk to your representative about renters insurance.

Your representative can guide you through the process and discuss your options to help make this time of transition a little easier on you. Make an appointment before your retirement date, and then enjoy the time you’ve earned!

Horace Mann Life Insurance Company underwrites Horace Mann life insurance products. Horace Mann Insurance Company and its affiliates underwrite Horace Mann auto, home and renters insurance. Representatives of HMII provide general information concerning retirement income planning only. HMII and its representatives do not provide financial planning services. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment, legal or tax advice.