Life is a beautiful journey. As we near the end of our own, we should be thinking about the world and the loved ones who we’ll be leaving behind. We should be focusing on making sure that things are in order for everyone involved — and we should be enjoying our lives, too. But doing these things requires us to have a certain degree of financial security. And, unfortunately, some looming expenses can make financial security difficult near the ends of our lives.
Below, we’ll talk a little bit about a few of the financial concerns that you may be facing. We’ll also explain some of the options that you may have for answering these financial problems with solutions that allow you to rest easy and enjoy your life to the fullest.
The costs of death
When we die, we’ll no longer have to worry about money — but our loved ones still will. If we want to leave behind a better life for our loved ones, we need to be thinking about an unfortunate reality: Dying is kind of expensive!
When we pass away, our loved ones will need to pay all sorts of people from funeral directors to probate lawyers. But we can make things a bit easier on our loved ones by paying into a life insurance policy (don’t let yours lapse) and by prepaying funeral expenses when possible.
Of course, you may find that you don’t have much cash to spare near the end of your life — especially if you are facing a lot of medical bills. Many people look into obtaining a burial insurance policy to address their funeral and final expenses. Having life insurance to address all your end of life expenses will give you peace of mind.
Medical expenses
One of the most expensive things about dying is not dying — at least, not yet. We want to care for our health as much as possible until our time comes. But that can be very pricey, especially if you’re suffering from a serious or terminal illness.
Fortunately, you do have some options. One way to avoid the terrible danger of medical debt and the cycle of debt is to pay off your bills right away. That, of course, is what you’d do if you had cash right now — but what if the most valuable things that you have, like your life insurance policy, are things you can’t access yet?
You could opt for a viatical settlement. With a viatical settlement, you’ll essentially be selling your future life insurance settlement off for cash right now. That can be a great idea when you’re dealing with debts and loans that could become harder to pay off over time. Sometimes, cash is worth a lot more to you (and to your loved ones) now than it will be in a few years!
Low retirement funds
One of the most common and most dangerous problems that people face near the ends of their lives is running out of retirement funds. Unfortunately, experts say that Americans just aren’t saving enough for retirement. Many Americans aren’t saving anything at all; those who are probably aren’t saving enough. And if you’re already retired and are on the verge of outliving your own savings, things can look pretty grim.
But what can you do — go back to work and get another job? You may not have to, experts say. You could turn to the assets that you’ve acquired over the course of your life. Take your house, for instance.
You don’t want to sell your house while you’re still living there, of course. But, under the right circumstances, you should consider a reverse mortgage, which will give you a steady income from the equity of your home. Your heirs can later pay off the loan or simply sell the house. With this method, you could get a nice income from your house without actually selling it until after you’re gone and don’t need it anymore.