So you made it to retirement! First of all, give yourself a big pat on the back! Making it to retirement takes gumption! You worked hard for many years and now it’s time to unwind and enjoy your golden years in comfort.
What does one do when they retire? The short answer is, anything you want! Of course, you might struggle with a little boredom at first, but if you set goals, that sense of boredom will dissipate.
You were used to setting goals while you were working so why stop setting goals now that you have hung up your spurs? Grab a piece of paper and make a list of the things that you would like to do and list everything you didn’t have time to do back when you were in the work force.
Plan a trip!
Now that you are retired and you have the boss off of your back, you can do anything you want and go anywhere you want. Jot down some destinations that you have always wanted to see. You don’t have to travel out of the country to have amazing experiences and there’s plenty to see right here in the USA!
That said, if you have always wanted to see Europe then go for it, no one’s stopping you, that’s the beauty of being retired!
Treat yourself to something expensive
If you drove a lemon for many years while you were saving money before you retired, maybe it’s time to treat yourself to a nicer vehicle. A Cadillac is always in style, but don’t limit yourself, shop around and get whatever you want.
If a new car is not your thing, consider buying a boat, a big one! There’s nothing like cruising the lake on a pontoon boat after a long day of rest and relaxation!
Whether you buy a new car or a boat the point is that you reward yourself for all of the hard work you did.
Become a wine enthusiast
The key to living the good life as a retiree is to drink good wine, in moderation of course. Alternatively, you could start collecting wine for the sake of collecting it. Learn about the history of each vineyard as every vineyard has a story to tell. One of the advantages of becoming a wine collector is that you can buy and hold important vintages and sell them for a profit a couple of years down the road.
Take cooking lessons
Another thing you can do to maximize enjoyment while living as a retiree is to try some cooking lessons. Cooking can be a lot of fun and there is always something new to try… and eat!
Try taking an Italian cooking class and then move on to a French cooking class or vice versa. There are tons of different cuisines to learn about so you’ll never be bored.
How to finance the good life
Now that you have some ideas to get you started, you need to learn how to finance it all. You should know that you don’t have to be rich to live the good life. All you need to do is make a few smart moves.
Some retirees that have paid off their mortgages consider reverse mortgages. A reverse mortgage is an arrangement in which your bank will pay you money in exchange for your equity. While this can definitely free up a lot of money in a relatively short amount of time, you should ask yourself if it’s worth giving up your equity.
If you are 65 or older, a much savvier move would be to pursue a life settlement. A life settlement is an arrangement in which you agree to sell your life insurance policy to a third-party provider in exchange for a cash payment.
What to know about life settlements
Before agreeing to a life settlement there are a few things that you should know. First, life settlements can provide you the money you need to pay bills or that vacation home you have always dreamed about. Although you may have to pay some taxes on the proceeds, you don’t need a reverse mortgage and won’t lose equity in your home.
There are very few risks associated with life settlement transactions. The only thing you must lose is the death benefit. That said, many seniors don’t have any family members, or the kids don’t need the money. Some have had a falling out with the beneficiary which leads to many seniors not wanting or needing their life insurance policy and wanting to sell it.
If you have been paying expensive premiums for years with the intention of passing the death benefit to a family member that you have disconnected with, you have the option to sell your policy.
Why keep paying premiums when you don’t need or want the policy anymore? In the end, you must do what is best for you and that may be a life settlement.
Once you sell your policy for a one-time cash payout, you will be free to do anything you want. You can take as many trips as you like, spoil the grandchildren and enjoy your golden years to the fullest.
Connect with MRE Finance today!
MRE Finance are experts that help seniors sell their life insurance policies. If you are serious about a life settlement, you should reach out to the folks at MRE Finance. Life is short, once you sell your policy you will have the kind of financial freedom that you have been seeking.
No-one should tell you how to use the money, that part is entirely up to you, so have fun with it! MRE Finance is here to help, so give us a call at 1-800-521-0770 or find out what your policy could be worth using the free life settlement calculator. Mrefinance.com/free-life-settlement-calculator/