The time leading up to retirement can be both exciting and daunting. It’s exciting because you’ll be able to spend your days exactly as you choose, whether it’s playing golf, working as a volunteer or traveling. However, there may be plenty of concerns that come with the approach of retirement, not least of which is how you can provide for your loved ones.

Many people have saved for retirement through work programs like 401(k)s and individual savings. Whether you’ve adequately planned your retirement is something you should consider discussing with a financial professional who can help you determine how much you’ll be living on – and what that will allow you to do.

Since your income might be changing quite significantly, you may need to take the time to assess what your regular expenditures are and how you might be able to reduce them. Some areas to consider addressing might be your home, your car and your life insurance.

Downsizing to a smaller home has a strong appeal for many retirees, giving them a smaller monthly payment and minimizing the amount of space that needs to be cleaned and maintained. The same principle often applies to cars; people approaching retirement might consider a smaller vehicle with lower fuel and maintenance costs.

However, insurance is something else altogether. For some retirees, purchasing permanent life insurance may be quite high and not within their budget. However, that doesn’t mean they should get rid of insurance entirely; life insurance companies offer other options. One that is a good fit for many retirees is term life insurance.

Term life insurance is usually less expensive because it only covers a set amount of time such as 10, 20, or 30 years. You choose the amount of time and the amount your policy is worth. Then, your beneficiary receives a lump-sum payment from your policy if you die before that term is over.

If you’re happy with your permanent life insurance, however, you can often add an additional term life insurance policy to supplement what you already have. That way, you’re adding to the legacy that you’ll be able to leave to your spouse, children or grandchildren. Whatever your decision, it’s important that you have some kind of coverage, so that your loved ones will be protected.

A well-planned retirement strategy is something that takes years to create. If you’ve done the work ahead of time, the most difficult part is out of the way. Now, it’s time to start having fun and checking off items on your lifelong “bucket list”, knowing that your loved ones will be cared for well into the future.