Got a boat load of insurance, weighing options before retiring in 3 years. Am 7 years older than my wife. Help me sort it out please.
Long story short, M64 planning to retire in 3 years. Getting rid of debts by then but the big question is how much of my way overdone life insirance do we really need.
My income: $100K age 64 Wife's: $65 age 56
On track for: CC debt by retirement $0 Student loan debt by retirement $2K Mortgage by retirement $0 but have $75K left now
Savings: me 401K $366K, wife (who will work another 6 years) $100K
My life insurance: $300K whole (cash value $31K), $100K free term from my work, $500K term ends in 6 years, $300K supplemental term I pay for at work that I will stop in 10 months when it gets too expensive at age 65.
Wife: $328K whole (cash value $52K) $65K free term from her work, $300K term ends in 6 years
Am working with a fiduciary who is recommending cashing in the whole life policies and paying off the mortgage because he thinks we don't need the coverage.
I am leaning towards cashing in a couple of the older policies but I need some direction and other people's experiences/advice.
For some teason, I have this tendency to try to want toake my family "rich" if I die.. but is that outdated? Hate that we bought all this but at least there might be options here to think about.
Any advice or insight would be appreciated.
submitted by /u/wade0000
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