9 Ways to Downsize When You Retire

6) Adjust Insurance Plans

Often parents will sign up for life insurance policies. This protects their family, especially their young children, if the unthinkable should happen. Once the children are grown, though, do they really need that insurance if something should happen to you?

They are likely off on their own, working, and providing for themselves. Unless your children are still dependent on you, your life insurance policy may not be a necessity anymore. It may be difficult to scrap this type of insurance, and cash out what value it has. This decision may not be for everyone, but it’s a way to save a bundle every year by eliminating this monthly cost. You can also consider downsizing to a policy that protects only your spouse should something happen to you. Discuss it with your insurance agent to find a solution that works best for your situation.