The Best Boring Retirement Gifts You Can Buy For Yourself Or Your Spouse

The people who show off their wealth are not the happiest or wealthiest ones.  The former classmate of yours who posts pictures on Facebook of all the jewelry and new cars that her husband buys for her is probably doing it because she needs her Facebook friends to convince her that he truly loves her, or else she would not know what to believe.  You might have lived frugally throughout your life so that you can live it up in retirement, but things will work out much better if you stick to your frugal ways.  Think of the practical gifts that you and your spouse have gotten for each other over the years, the eye mask that helped you stay asleep while your spouse got up early in the morning, or the dishwasher-safe non-stick pan that made cooking and cleanup so much easier.  You should celebrate your retirement with similarly practical gifts that will make your life easier, even if no one notices them but you.  For help planning a retirement that works for you and not for your imagined audience, contact an Orlando estate planning lawyer.

Insurance Coverage That Your Employer No Longer Pays You

You might assume that, once you are old enough for Medicare and are too old to qualify for term life insurance, your days of paying for insurance are behind you, but you would be wrong.  The advice, “Don’t be insurance poor” applies to retirees at least as much as it does to everyone else.  These are some types of insurance coverage you should buy for yourself and your spouse:

• Comprehensive medical and dental insurance – Medicare does not cover all medical expenses, and it rarely pays for any dental treatments.
• Long-term care insurance – This insurance pays for itself quickly if you move to an assisted living facility or private nursing home.
• Hybrid life insurance – Medicare only pays for 100 days of residential nursing home care. Hybrid life insurance pays for up to five years, and if the insured person dies without having used up all the nursing home care time, the remaining amount pays out to the designated beneficiary.

Saving for the Future Is Not Just for Young People

Another loving, but not ostentatious thing you can do with your money is just to save it.  Sure, you can give cash gifts to your relatives just because you can afford it, but it is just as good to keep the money in the bank until one of your relatives needs it.  Financial planners sometimes act like inheriting money is a bummer and you should convey it to your heirs in some fancier way, but a more realistic view is that inheriting money is better than inheriting an insolvent estate.

Contact Gierach and Gierach About Estate Planning for LLC Owners

An estate planning lawyer can help you make wise financial decisions about retirement.  Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.

Source:

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