Aflac: 5 Financial Steps to Take When One Turns 70
NEW YORK CITY, NY /ACCESS Newswire / July 21, 2025 /Every stage of life brings new financial goals and challenges.At age 70, the focus for many is on preserving retirement assets, covering medical costs, and leaving a legacy for their children and grandchildren while enjoying a relaxing retirement.These goals are achievable by taking the right actions and being diligent with one 's finances. To help out, this article walks through five financial steps to help set individuals up for continued success into their 70s and beyond.
1. Monitor retirement accounts
Pretax retirement accounts, such as 401(k)s and Traditional IRAs, make account holders take Required Minimum Distributions (RMDs) at age 73. Failing to do so can result in a significant excise tax from the IRS.1These RMDs can impact one 's withdrawal strategy and tax planning, subsequently affecting one 's monthly budgeting.
Another aspect of retirement accounts to monitor is the investments themselves. At this stage, it 's generally a good idea to shift to more conservative investments that preserve one 's retirement savings and maximize their chance of lasting.That said, a small amount of more aggressive investments may help, especially for those with longer life expectancies. These can help assets keep up with inflation.
2. Create or review one 's estate plan
An estate plan consists of several documents that spell out various end-of-life wishes, such as asset distribution and minor children 's guardianship.Generally, these documents include:
Last will and testament: This contains one 's wishes for asset distribution to heirs and names an executor to carry these wishes out. This may also name guardians for minor children.2
Health care power of attorney: A health care power of attorneylets someone else make medical decisions, such as treatment options, if the person for whom the estate plan exists becomes incapacitated.2
Durable power of attorney: This allows someone to make financial decisions, such as managing bank accounts, if the person for whom the estate plan exists becomes incapacitated.2
A living will:Thisgives designated individuals the power to access medical records on behalf of the person for whom the estate plan exists and discuss their health with medical providers.2
One should regularly review and adjust their estate plan as their life and financial circumstances change.
3. Consider life insurance
Life insurance can help people protect their loved ones and leave a larger legacy to their heirs.Seniors at this stage of life still have good choices available.Here are some senior life insurance options to consider:
Term life insurance: This offers significant coverage for competitive rates but can expire after a term length of 10, 20, or 30 years. It can work well for seniors who want the most coverage per dollar.
Final expense insurance: A final expense insurance is a small whole life policy that is designed to help loved ones cover funeral costs, medical bills, and other end-of-life expenses. It has a small death benefit, comparable premiums, and lifelong coverage. It also can offer cash value that grows with each payment and may earn tax-deferred interest, which can be used as a potential wealth source.
Simplified issue life insurance:Simplified issue life insuranceis a small whole life policy with no medical exam and usually has a shorter application process. It has a small death benefit, premiums to fit many budgets, lifelong coverage, and a cash value component. This policy can work well for seniors who prefer to skip the medical exam and get coverage fast.
Guaranteed issue life insurance: This small permanent life policy approves all applicants. However, it comes with a one to two-year waiting period so if the policyholder passes away during that period it only pays out a refund of premiums to beneficiaries. It can help seniors who feel they may not qualify for traditional life insurance options.
4. Claim Social Security
Seniors with more retirement savings or who worked past age 65 may have delayed taking Social Security to increase their benefits via delays and continued work at higher pay.At age 70, seniors may be stepping away from work or looking to slow down withdrawals of their retirement assets. Therefore, this could be a good time to take their Social Security benefits.Beginning to collect Social Security can help create significant peace of mind. One now knows they have a steady, guaranteed income stream every month that could help cover some or all of their monthly necessities.
5. Look over health care coverage
Even seniors who have lived healthy lifestyles still face the chance of illness or injury that could weaken their financial situation.First, seniors should look carefully at their Medicare coverage to see what they already have covered. Then, they can explore private insurance options or supplemental insurance policies to help fill in the gaps.
For example, Medicare does not typically cover many forms of dental care. Seniors may consider investing in a dental insurance policy to help cover the cost of visiting the dentist and any necessary dental work.Seniors should balance premiums, copays, coinsurance, deductibles, and other costs with coverage amounts to help get their needs covered without sacrificing lifestyle.
Financial security at 70 and beyond
When one reaches 70, goals can shift. Many aim to make their savings last longer and leave more wealth behind for their heirs. Several steps can help one get there.That includes monitoring one 's retirement accounts, creating or reviewing an estate plan, looking into life insurance, considering claiming Social Security, and evaluating health coverage and needs.The right steps now can help one enjoy retirement free from financial worries.
1 IRS.gov - Retirement plan and IRA required minimum distributions FAQs. Updated Mar. 13, 2025. https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs Accessed Apr. 3, 2025
2 Fidelity - 5 Steps to Create an Estate Plan. Updated Jan. 30, 2025. https://www.fidelity.com/viewpoints/wealth-management/estate-planning-made-easy Accessed Apr. 3, 2025
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans - A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
Z2500167 EXP 4/26
CONTACT:
Senior PR & Corporate Communications
Contact: Angie Blackmar, 706-392-2097 or ABlackmar2@aflac.com
SOURCE: Aflac
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