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The Complete Annuity Selection Guide for Single Parents
by Anil K. Insurance AdvisorAnnuity insurance plans have been proved a great way to save for retirement and spend the same in the later years of their life. People are investing in different plans to receive a decent monthly income later to take care of their essential expenses. The single parents also has their worries about their retirement life and there are some tips that can prove very helpful for them. In this article, we are going to talk about those tips that they can utilize to make a better decision and the best way to buy cheap insurance quotes easily.
Set A Household Budget
To ensure you spend a comfortable life after retirement, you need to calculate how much money will you need for the same. For this, you need to set a household budget and your monthly expenses after retirement. You are supposed to keep in mind that the prices of commodities will rise after some 25 or 30 years when you will retire. You can get the help of a financial expert to calculate what should be the possible budget that you might be spending some 30 years later. Depending on this budget you can look for the insurance plans providing a monthly income equal to or little more than that.
Less Aggressive Investment
Single parents have a tough time nurturing their kids as they are the only breadwinner and they only have to care of every requirement in the house. But the good thing is that they will need to take care of just themselves when they grow older. They will need a lesser amount every month to take care of their monthly expenses. Hence, they don’t need to invest that aggressively in the market as they a smaller return will also do. You can easily reach to the insurance providers who provide annuity insurance quotes and discuss your requirements with their representatives. They will listen to you carefully and suggest you the plans that suit you the most.
Invest and Forget
The advantage of being a single parent is that your expenses aren’t as much as other parents and you can make your living with a lesser monthly income. This means you can invest now for a longer time and forget it for quite some time. If you too are a single parent, you can invest a part of your savings into annuities or other financial institutions. These investments will reap good profit over time and prove very beneficial when you withdraw the same after your retirement. You can get the advice of an online financial expert who will analyze your income requirements after the retirement and will help with the best option for you.
Will & Power of Attorney
This may create a scene of a mess if a single parent passes away without declaring a will. In such cases, there is a lot of confusion on who will get the reins as they don’t have their spouse or biological children. Hence, if you are a single parent, you are advised to prepare a will to decide the assets and inheritance. You can talk to a legal advisor about the same and they will suggest you with the best solution according to your situation. If you have some special wish regarding the preparation of the will or want to provide the power of attorney to a specific family member or a loved one, you can tell those things to your legal advisor and they will help you with same.
Getting the quotes for a retirement annuity plan isn’t as tough as it used to be some years ago. Now, you can get insurance at your fingertips. You can visit an insurance portal, fill your requirements in a given online form and the insurance agents from different companies will reach you shortly with the best insurance plans for you. You can tell them your preferred coverage and budget constraints and they will suggest you the most suitable plans for you. Depending on the coverage and benefits they provide, you can go for a plan offered at the best price. To ensure, you don’t buy an expensive plan, you are advised to compare multiple insurance quotes and decide accordingly.
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About Anil K. 
Insurance Advisor
5 connections, 0 recommendations, 21 honor points.Joined APSense since, September 22nd, 2017, From Mountainside, United States.
Created on Jun 28th 2018 05:34. Viewed 570 times.
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