Preparing yourself for a long life and also dealing with aging parents
People are living much longer than expected. Therefore, it is critical to prepare for a retirement that lasts 30 years or more. There are many factors to consider when planning for such a long period of time. We help to build plans that include issues surrounding aging in retirement which go beyond traditional money management.
How can I ensure I won't outlive my money?
One of the biggest fears people face in retirement is running out of money. There are specific strategies we use to help provide our clients the peace of mind that they don't run out of money, if that is what is truly important to them. We often find that a combination of tools provides relief from this very common concern.
Will I be able to keep up with inflation?
Inflation can be a "silent killer" of a retirement income plan. An income of $20,000 today is most likely going to be able to buy far less 20 years from now. Therefore, the retirement income plans we create factor in potential inflation estimates to provide some relief from the loss of purchasing power in the future.
What alternatives are there to a nursing home and what do they cost?
Our clients don't want to go to a nursing home. Our clients also don't want to be a burden on their families. Therefore, plans must be put in place to fund the potential use of a nursing home or an alternative such as an assisted living facility, or stay-at-home health care. There are alternatives to the traditional nursing home, each with a different cost. By incorporating this piece of longevity planning into overall financial planning, our clients are better prepared to meet the challenges of facing the need for long-term care.
How can I avoid spending all my money on healthcare costs as I age?
Another top concern for retirees is the rising cost of healthcare. While individuals don't have much direct control over the actual cost of healthcare in our nation, they can control how they plan for such costs. It is important to address health care costs at the beginning of retirement planning. Factoring in the future costs of healthcare and long-term care may seem insurmountable, but there are insurance options to help. Long-term care insurance and hybrid life insurance & annuity products are considered during our planning process.