My Smart Retirement

There are various debates out there around life insurance. But this investment tool can be invaluable to yourself and your family. On today’s episode, we’ll break down some good reasons you should think about getting life insurance and the benefits it could provide you and your family.  We most often think of life insurance as income replacement. When we are raising a family or have someone dependent on us, this is especially important. But, how is this different for a retired person? If you pass away, can your plan support your spouse? Life insurance is a way to ensure a surviving spouse is cared for.  Another reason to consider life insurance is the tax benefit. Your children, spouse, or other beneficiaries will be limited on the money they can take from your 401(k) or IRA. But when it comes to life insurance, those payouts are tax-free. This can also help them pay the taxes on the taxable parts of the estate they inherit. The younger you start putting away into life insurance, the cheaper those premiums wi