The five years before you retire and the next five after retirement are among the most important and vulnerable for a retiree’s savings. The reasoning is that, as you approach retirement, there are far fewer years left to correct or recover from a mistake. The consequence of a misstep during this time can affect your quality of life in retirement, and the likelihood that you’ll have enough to last the rest of your lifetime. If retirement is fast approaching for you, or even already here, you want to make sure you have everything figured out. Reach out to us, we
In the past, we have noted that when planning your retirement finances you need to factor in healthcare costs. Not doing that may cause a depletion of your retirement savings that you did not anticipate. There has been some discussion about the Affordable Care Act and the indication that, for the first time, the U.S. Government will negotiate drug pricing for Medicare, hoping that the new law serves as a pilot program for potentially more widespread negotiated pricing. However, we still recommend that you be cautious and anticipate increases as, if the past is prologue, it could be years before
We frequently receive inquiries regarding who the beneficiaries should be for the financial products we recommend. And, if the division among multiple beneficiaries should be equal. This brings up an interesting point. When making this decision, people sometimes place descriptions on their offspring that relate to their current needs or proclivities. What we sometimes forget to think about is that time often changes people and their circumstances. Your son or daughter that is currently employed and financially stable may in the future not be. Meanwhile, the one that historically hasn’t been on the same fiscal page as we are may
There may be a gap between how much you spend and how much you think you spend. This gap should be factored in when trying to determine how much you’ll need in retirement: Probably more than you think. It’s natural to not want to think about this: It can be disconcerting to see what you spend on those one-off purchases that you rationalize in the moment, but don’t factor into future consequences. Call us. We can help you navigate your options to fill this gap and have enough to retire comfortably.
Typically, you put a lot of thought towards paying off loans for insurance, on, for example, your house and car. However, life insurance is just as important as other types, and should be thought of in the same way. Life insurance is often ignored, because we look at it simply as something costing us while alive, for benefits that will only matter when we’ve passed away. However, there are life insurance policies that work differently than you’d expect from them. You can use a life insurance policy to benefit yourself, while you’re still alive. Call us, so we can talk to