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Post-retirement Solutions

Retirement Solution

In general, as we prepare for, or enter into retirement, we have some major decisions that must be made. When will I start collecting social security, where can I make a decent return on my money without risking my principal, how will I cover the healthcare costs not paid by Medicare and finally, do I need long term care insurance, do I have my final expenses and other life insurance in order?

At The Jeff Lambert Insurance Agency, your needs and best interests are our priority. Call us today and let’s together assess what health, life and “safe money” options are best for you and your loved ones. Making thoughtful choices here will help ensure a comfortable and stable retirement.

But before you plan your retirement your way, it’s important that you understand the basics of retirement solutions along with their pros and cons.

Types of Retirement Solutions

Final Expense

Here’s a type of insurance that covers the cost of your funeral and burial, and ensures your loved ones don’t struggle financially in those testing times.
Advantages

Covers cost of burial or cremation

Premium never increases

No medical exam needed

Affordable

Disadvantages

Low payout compared to life insurance – Face amount is between $5,000 and $40,000, which may not necessarily cover all needs when you are moving on.

Annuities

An annuity is a contract between an insurer and insured, where the latter pays the company an amount, either a lump sum or through installments. This entitles the insured to an income stream at a future date from the insurer. At Texas Best Insurance Services, we specialize in offering fixed and indexed annuities. Read more about this insurance based retirement plan.
Advantages

Simple and easy to understand

Predicted face amount

Tax-deferred growth

Principal is protected and guaranteed to grow at a fixed rate

Generally speaking, 10% of your funds can be accessed without penalty yearly

Disadvantages

Penalty for early withdrawal

Lower rate of return vs some other less safe investments

Advantages

Principal is protected from market volatility

Guaranteed minimum return

Index gains are locked in

Gains are locked in

Disadvantages

Upside potential is limited

Gains of your contract can be capped

Steep penalty for early withdrawal

Long Term Care Insurance

Under this, a personal retirement account holder is eligible for coverage that provides nursing home care, assisted living, or home-health care for individuals age 65 and above or with a chronic disease or disabling condition.
Advantages

Can be tailored to fit individual needs

Tax-free benefits

Protects retirement savings from depletion

Family can be care managers instead of caregivers

Disadvantages

Can be expensive at older ages

Premium rates are not always guaranteed

Can be difficult to qualify for

Types of Medicare

Medicare.gov defines Medicare as “a federal health for people who are 65 or older, certain younger people with disabilities, people with End-stage Renal Disease (ESRD). It has four parts, namely Medicare A, B, C, and D; which help cover specific services. Medicare A, B, and D come under Original Medicare, which is offered by us at Lambert. Coming to Medicare C, also known as the Medicare Advantage Plan, we leave it to our partner to help you with information and avail it.

Medicare A
This part of Medicare plans covers hospital stays, skilled nursing care, hospice care and, to an extent, home-health care.

Medicare B
Part B covers doctor visits, lab test tests, diagnostic screenings, medical supplies and equipment, ambulance transport, and other outpatient care services.

Medicare C
Yes, we know C comes before D, but in case of Medicare, part C stands separately as the Medicare Advantage Plan. It usually has parts A, B, and D combined into a comprehensive plan. This plan may lower out-of-pocket expenses such as hospital deductibles.

Medicare D
Part D helps cover the cost of prescription drugs. It is best-suited for people with high prescription drug bulls.

Have a question? Call us or book an appointment right away.

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About The Jeff Lambert Agency

TheLambertAgency.com has been successfully meeting the needs of our clients in TX since 2015. Our dedicated agents specialize in a broad range of insurance products and carriers. But, we simply don’t believe in the “one-size-fits-all” approach. We work with you to create individualized solutions. Our team is here to help our clients ask the right questions, identify their specific insurance demands and voice their concerns so we can best meet them.

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