ME TARZAN, YOU JANE, We got Money??

What “Baby Boomer” doesn’t remember that saying from Mr. Tarzan? Glued to the TV, watching Tarzan defend Jane against all the jungle bad guys, that’s what he always said. That is the way baby boomers were brought up. Now, I am speaking for older baby boomers, born between 1940 and 1960.

I know that the “baby boomer” years are between 1946 and 1966. But, in this writing, I am going to address the older segment of this group, ages 60-85.  There is common misconception that these Older Boomers have everything lined up financially.  Not so fast, my friends.  Because it ain’t necessarily so, and plans can change on a dime.

“It is our responsibility to take care of our family.” Ever heard this one from your mom or dad? “Jordan, tonight you are the man of the house.” Or, as my father was passing away, “Jordan, take care of your mother.” Let me get to the point.

Many Tarzans are having a rough time sleeping because they are worried about their spouse if they pre-decease them. Maybe there isn’t enough life insurance, maybe the investments didn’t work out as well as they planned, or the business sale didn’t pan out, or maybe they wished they had done more. And, many think that they are too old to get life insurance. IN MOST CASES THEY ARE WRONG. Someone in good health at age 75 can transfer their wealth to beneficiaries tax free in a life insurance policy.

If you are an “Older Boomer” and have been told you cannot qualify for life insurance, we have a solution for you. Even through age 80-85, there absolutely are policies available. You can get a “simplified issue” policy which does not require a medical exam, you just answer a few basic questions. The death benefit is relatively small ($25,000 to $50,000), but you can have multiple policies. Yes, the premium will be higher, but at least your family will not be burdened with final expenses. Depending on your age and health, you may also be able to provide for lost income.

Where is the money to fund these policies? Maybe you have excess cash stashed away somewhere, maybe an annuity using the 10% free right of withdrawal, or maybe an RMD. This is a tremendous opportunity for “Me Tarzan” to swing happily through the trees again. It is a wonderful way to put a smile on Jane’s face, and a great way to improve your legacy.

Please give me a call.  I will answer your questions, provide a fresh approach, and show you alternatives that many Older Boomers have never consider. 

Jordan Tobin, Principal of Integrated Planning Strategies.  314.489.4019

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