If you’ve been saving for your retirement for any amount of time now, you know it can be difficult. And you may have even found yourself discouraged at some point when you realized exactly how much you would need to save in order to live comfortably in your Golden years. If you wish to receive $40,000 of income each year in retirement, then you would have to accumulate $1 million into your retirement account. And that’s assuming you use the 4% safe withdrawal rate through retirement.
For most people, saving $1 million is simply out of their reach. But there are other ways to increase your retirement income.
Life settlements are basically the sale of life insurance policies for a lump sum cash amount. If you have a life insurance policy that you are no longer interested in or can no longer afford, consider selling it for cash. These settlements can apply to both straight life insurance and, in some cases, term insurance, which typically has no surrender cash value, value depending on your age and your health.