“Okay, I am getting ready to retire. Am I missing anything?” This is probably the most common question I get when I talk to pre-retirees.

My conversations are always a mixture of excitement over the second chapter of their lives, oftentimes unencumbered by taking care of children or the need to earn a paycheck, mixed in with the fear of uncertainty. Cutting the cord from a paycheck is a big deal and most people want to make sure they have covered every way they can save on costs.

As I talk to most pre-retirees, they have done a great job planning but I find the following are some of the cost saving areas they have not considered:

Life insurance should not be your adult children’s retirement plan. For most people, the purpose of life insurance is to replace their income for those dependent on them when they die. If your home is paid for and your children are adults, re-evaluate your life insurance needs using calculators like the one on the LifeHappens website to assess how much, if any, life insurance you may need.