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Like millions of families, mine scaled back our summer vacation plans. Instead of taking a trip overseas, we drove to a house out of state. Yet the modest trip felt bigger than it would have in normal times. We hadn't left Brooklyn for more than three months, so just crossing Verrazzano Bridge felt like an adventure. The change of pace and scenery was wonderful, and we saved a bunch of money in the process. One thing we overlooked before our departure was making sure our trip was properly insured. It turns out that our existing homeowners insurance and credit cards might have offered some protection in the event of mishaps. Learn more about travel insurance in today's edition.
Retire with Money will be off this Friday. Happy July 4th, everyone!
Best wishes,
Elizabeth
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Thanks to everyone who participated in our book talk on The Ultimate Retirement Guide for 50+ by Suze Orman last week. We had some good, productive discussions!
This week in our Retire with Money Facebook group, a member called people's attention to this helpful explainer on annuities. These insurance products range widely from the simple and low-cost to the complicated and expensive. Astute observers have suggested that it's too confusing to consumers to use the umbrella term "annuities" for all of them. Some people may reflexively steer clear of all annuities, when really a simple fixed income annuity might be a good option for retirement income (while variable and indexed annuities are generally to be avoided).
RETIREMENT NEWS FROM AROUND THE WEB
Millennials Look to Boost Their Emergency Funds Even as the Pandemic Scrambles Their Plans
Scarred by the Great Recession, many millennials are doubling down on saving during the coronavirus pandemic. CNBC
Readers Ask: When Can I Hug My Grandchildren Again?
Experts answer pressing pandemic questions. NEXT AVENUE
Ask Prospective Financial Advisors These Two Questions
If they can't say yes to both, keep looking. MARKETWATCH
Confessions of a Former 'FIRE' Skeptic
Morningstar's Christine Benz comes to appreciate some aspects of the financial independence, retire early movement. MORNINGSTAR
ABOUT ELIZABETH
Elizabeth O'Brien is deputy editor at MONEY. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.
This newsletter is free because MONEY earns a commission when you click or make purchases from the links in this email and on our site. We also receive compensation for some of the products and services featured in this message. Offers may be subject to change without notice. Learn more about how we make money.
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