BALTIMORE – As life expectancy continues to increase, saving for a more financially healthy future takes on greater importance. Maryland Insurance Commissioner Al Redmer, Jr. joined other state insurance regulators in announcing a new website aimed at helping consumers get smart about retirement security. The National Association of Insurance Commissioners (NAIC) Insure U website underscores the importance of planning for retirement, including insurance considerations, regardless of your age or income.
“We know that too many people are not preparing for retirement, but it is crucial at every life stage, and the earlier you start, the better you can ensure financial stability and security,” said Commissioner Redmer. “We invite Maryland citizens to be proactive in planning ahead so they can live comfortably in retirement.”
Marylanders are encouraged to think carefully about their financial needs in retirement. Planning for a secure retirement takes time and a plan. Here are some resources to consider:
- If your workplace offers a 401(k), 403(b), ESOP, profit sharing plan, IRA or Roth IRA, consider utilizing those plans and start saving now. Your employer may even match contributions.
o If you're over 50, you may be able to increase the amount you're contributing to your retirement savings plan with catch-up contributions. Visit the Internal Revenue Service website to learn more about catch-up contribution limits and rules by plan type.
- Review your specific needs for health insurance. A longer life means more medical care. Understand what services your health insurance plan will cover and which expenses you will need to fund. Click HERE to learn more about Medicare related information, including information about Medicare Advantage and Medicare Supplement policies.
- Although life insurance may seem like something to consider only at a later life stage, some life insurance policies, such as whole life policies that build cash value, can provide benefits throughout life. Whole life policies also allow you to borrow from them, although doing so does reduce the amount your beneficiaries will receive. Do your research carefully to determine if such a policy is right for you at your current life stage. To learn more, read the MIA’s Consumer Guide to Life Insurance.
- Consider whether an annuity is right for you. An annuity is a contract (policy) between you as the policyholder and an insurance company. An annuity pays a periodic (monthly, quarterly, semiannual or annual) income benefit for the life of a person (known as the annuitant) or persons. Annuities can also be purchased for a specified time period. For more information about annuities see the MIA’s Consumer Guide to Annuities.
- For more resources and information about retirement preparedness, visit the NAIC’s Retirement Planning Checklist.
About the Maryland Insurance Administration
The Maryland Insurance Administration is an independent State agency charged with regulating Maryland’s $28.5 billion insurance industry. For more information about the Insurance Administration, please visit www.insurance.maryland.gov or follow us on Facebook at www.facebook.com/MDInsuranceAdmin or Twitter at @MD_Insurance.
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