WAYS OF ANALYZING THE FINANCIAL NEEDS OF A RETIREE

Most of the time. It becomes a challenge to understand why one would never consider himself to have earned enough even after retirement. This question should not become a bother since you cannot change the situation.

After analyzing the amount of money available to you after retirement, it’s important to know how this money will be used during retirement.

The questions that should come to mind and have ready answers from oneself include:

  1. What are the sources of income?

The sources need to be listed down to be able to know the overall savings that one has made during work life. They include;

  1. The savings put aside for retirement- This can be through a separate bank account savings account which was solely opened for personal retirement savings.
  2. Pension- A reputable employer will always have a saving scheme which helps a person to save and at the same time gain benefit from the employer with the additional saving as defined by the state.
  3. Social security savings- The government has a way of saving for every employed individual and pays out after retirement the saved amount.
  4. Post-retirement- Usually people engage in different income generating activities after retirement like in the case for baby boomers who are actively involved in economic growth which automatically becomes an additional income for the rest of the life he may live.
  5. Analyze expenses- This should be analyzed on a monthly basis to ascertain if one can be sustained for the lifespan that is left. This includes healthcare, food, transport, and others including relocation expenses should a person wish to transfer to a different city of residence.
  6. Estimation of unknown occurrences- The economy may be frustrating at times and inflation may strike which would mean automatic change of the cost of living.
  7. Insurance- Medicare Supplement Plans 2019 information can be found at https://www.bestmedicaresupplementplans2019.com/medicare-supplement-plans-2019-tips-compare-options/

Others would include the investment returns which would either decrease or increase depending on the nature of the economy.

Expected Lifespan- It is of importance to estimate your lifespan to check if the saving can sustain you to the end. This helps to prevent early deaths due to financial constraints that may lead to heart attacks out of worry and fear.

Conclusion

Retirees need to ensure that they have a plan instead of getting caught up unprepared when age catches up with them.

 

MEDICARE-TIPS ON HOW TO SELL MEDICARE PLANS

A sales job is a job like any other that pays well. Without a good knowledge of sales, one may not make a lucrative income even if it is the primary source of income.

To be a successful salesperson, there are some do’ and don’ts of the Medicare plans as you climb the ladder to sell and have a pool of clients successfully. For every 100 people. Only 10 of them become successful in Medicare business. This is due to lack of perseverance, patience, and faith.

The below points can help to determine how successful one will be.

  1. License- One must obtain an Insurance license for operations I the state that you will work for. The E and O insurance license is also an additional requirement whose pricing was better.
  2. Appointment, for a successful salesperson, he needs to be appointed to sell to at least two companies which offer Medicare supplement plans and also Medicare Advantage plans.

As you continue selling, you will be in a position to be appointed by more companies.

  1. Good knowledge of Medicare products. Before you start selling, ensure that you understand all the products which include Medicare A and B to gain confidence in explaining to the customer what each one of them covers.

The best advice for this is to ensure that you have a copy detailing all that is required of the Medicare so that in case of anything you can refer.  To find out more about Cigna Medicare Supplement visit the following https://www.medisupps.com/cigna-medicare-supplemental-insurance-2018/

Without proper education, and with the competitors outside there, you may never make.

  1. Use of the Internet. Research from the internet about the competitors in the field and work on their weaknesses for your self-interest. Upgrade the products using better information that will convince the clients to buy the Medicare.
  2. Use wholesalers who have multiple contracts with insurance companies because they will be able to give more orders which will help to meet the target.
  3. Understand the target market- Since Medicare is for the senior citizens, there is need to get to know the population of the seniors within the area of operations to ensure that it will be a successful engagement once you start selling.

cigna medicare supplement

Conclusion

To gain the competitive advantage with the competitors, the minute you start selling Medicare, maintain good customer relations. Use the insurance department to get better rates for the customers without being biased.

Lastly, give the best information to the clients so that you can become a reference point to other seniors who will be willing to buy the Medicare products.