Create an Income Stream
Taking initial withdrawals of 4% or considering annuities are often recommended to retirees.
You may be eligible for age-related discounts
Limiting your driving can get you lower rates
Stable employment can also get you a discount
Not having teenagers regularly driving your vehicle can lower your rates
Taking a senior driving refresher course can qualify you for a discount
Consider an umbrella policy to protect your assets
If your car is old, consider dropping collision coverage
Tell your insurer when you retire -- you could get discounts
As your assets have grown, consider a homeowner’s liability and/or an umbrella policy to protect those assets
Reassess the value of your home and belongings and get your insurance to reflect the current value
If costs are too high, consider renting instead of owning (the insurance is cheaper)
If you have a boat or vacation home, see if you can consolidate insurance policies with the same provider for a discount
If you just paid off your mortgage notify your insurance company to send the premium bills directly to your home address instead of a mortgage company
Medicare becomes available at age 65
Beware health discount cards. Do extensive research with your provider and Kansas Insurance Department to make sure they are legitimate.
Do you still need disability insurance?
Is long-term insurance right for you?
Medicare: traditional or the Medicare Advantage plan?
Do you need a Medicare Supplement or Medigap policy?
Find out which hospitals and doctors are in-network with each option
Should you enroll in Medicare Part D?
Calculate your spendings on prescription drugs over the last year and see if that cost is more than the cost of Medicare Part D
Check with your existing employer and provider to see if there would be negative consequences to your current plan
Keep track of the deadlines for signing up!
Review your policies to see if you can reduce coverage and cost
Update your beneficiaries
This article is published on KansasMoney.gov. Find more information by contacting these state agencies: