Insurance Services of Washington Blog
If you are in your 30s, chances are, you are caught in the sleep, eat, work cycle of life without thinking much about the future. Young people who failed to plan for their retirements are more likely to get old without much money and health to enjoy the glorious times of their lives.
According to a study, one of three Americans does not have at least $5,000 on their savings for retirement. Imagine your self retiring at the age of 50 or 60, maybe, and you can still go anywhere you want, play with your grandkids, and does not have to worry about your health and finances.
Below are the three brilliant ways to prepare yourself for retirement:
Stay Fit and Healthy
If you want to enjoy your “golden age,” where you do not have to work, and all you need is to enjoy your life, well, you need to get there, at least. Try to live as healthy as possible. Exercise daily and lessen or avoid things that are harmful to your body, such as cigars, alcohol, unbalanced diet, etc. You don’t have to stay away from fats, sugar, and other good stuff but consider consuming these things in moderation to keep you healthy and active as you age.
Cut Your Debt Down
Gradually downsize your debt so you won’t have to use most of your retirement income paying it. Try speeding up your mortgage payments and avoid using credit cards on major purchases so you won’t have to use much of your money on interest payments.
Invest and be Insured
Get a Variable Universal Life Insurance (VUL). This type of life insurance builds cash value similar to mutual funds. Unlike other types of life insurance that offers death benefits, VUL offers living benefits that you, as a policyholder, can enjoy while you are still alive. You can invest its cash value in a wide variety of different accounts. One of the best features of this life insurance is its liquidity. You may choose to fully or partially withdraw the investment part of a VUL policy whenever you need it.
Although VUL is more expensive than other life insurance plans, it has lots of advantages that will grow your money as it has the potential to earn higher returns, and it will teach you how to save while you are young.
At Insurance Services of Washington Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (425) 868-1123. You can also request a free quote by CLICKING HERE.