How Are You Spending Your Life Insurance Settlement Money?
A life settlement is an alternative to cash that many seniors turn to in times of financial stress. While selling your life insurance can be an excellent resource for living and medical expenses, but it does not always have to be used to pay the bills.
Your life insurance policy is an asset, and if you choose to sell it, you can do whatever you want with the money that comes from it. There are some fun ways to spend some cash, whether you have a little leftover or looking to invest it all. Seniors are getting creative with their funds.
You can do it all- cruises, flights to tropical islands, all-inclusive resorts, and staycations. One of the top things seniors like to do in retirement is travel! The average retiree spends over $10,000 per year on travel.
For others, traveling in retirement is just a dream. More than half of currently retired seniors desire to travel, but their income deters them from doing so. A life settlement could increase your travel budget by thousands. Who doesn’t want to go to Hawaii? See the world while you can.
2. A Shiny New Car
A classic move. Older Americans are buying the majority of new cars as of 2019 (Statista). People ages 55 and older are more able and willing to spend the extra money on a shiny new car: Lamborghinis, Corvettes, and Porsches.
In fact, the average corvette buyer is 59 years old. Where are they getting the money from? Perhaps a life settlement. The dream car that you wanted as a kid is now for sale, and you have the money. GO for it.
3. Celebrating Loved Ones
Life keeps moving after you retire. There are always going to be Christmases, birthdays, graduations, weddings, and more babies.
A life settlement can help you provide any funds you need to provide and celebrate the lives of your loved ones. Maybe you even want to help the kids with school tuition?
You never know who is going to need it. A life settlement can get your family on the right track help you gift them the way you want to.
While it may seem contradictory to start a business while in retirement, senior entrepreneurs are trending. A lot of people are starting their dream businesses in their age-old years. As of 2019, about 20% of seniors are working, and many choose to.
There are hundreds of successful senior entrepreneurs out there. It is never too late to take a chance and follow your dreams. Your second career could be calling. A life settlement might be the start-up money you need to get off to a great start. Why not open that ice cream shop?
5. Real Estate
Over 60% of the population that own homes are seniors. They are still living in their old homes. Perhaps it’s time to downsize? Or, maybe you want a second home!
Lots of seniors own a second home in their favorite vacation spot, as well. Whether they are renting it out or want it available to them at their leisure, it is a luxury and a great investment.
Don’t want to move but want to upgrade your home? A life settlement is a great way to get those home additions and do those renovations you have always wanted. A new kitchen, updated bathroom, or a pool can make your home a dreamier place to be.
Doing renovations is beneficial in many ways. You can enjoy it, and it increases the value of your home. Whether you plan to sell later or pass the house down to loved ones when you pass away, it will be worthwhile.
7. Feeding a Hobby
There are all kinds of things you want to do more of in retirement! The problem? Cost. There are quite a few hobbies out there that require a hefty down payment or ongoing maintenance, for example, hunting, car restoration, golfing, or collecting.
The costs can be extensive, but having the addition to the budget from the sale of your life insurance can allow you to do what you want to do and live out your old age doing what you love. Get your hobby started now.
8. Cosmetic Surgery
A little unconventional to some, but the amount of seniors that are getting work done is rising. Botox, facelifts, dermabrasion, liposuction, and more. With the increase in technology, the amount of work you can have done on your face and body is mind-blowing. You can even have your eyelids fixed.
Seniors are getting in on the action as they opt-in for surgeries to alter their physical experience. According to the American Society of Plastic Surgeons, older people had 65% of facelifts, 62% of hair transplants, and 56% of forehead lifts in 2018.
Some call it chasing their youth; others see it as an enhancement to their own beauty. If you’re thinking about it, a life settlement might allow you the cash flow to front the bill.
Did any of these resonate with you? A life settlement is not for everyone, but at life settlements Inc. we can help you get all the information you need so you can get the most out of your life settlement so you can get to living out the rest of your retirement years.