What concerns you the most?
Protect My Family and Business?
Financial Strategy For My Future
Am I going to outlive my money?
One of the most common concerns about retirement is the possibility of outliving your money. With people now living well into their 80s and 90s, it’s a legitimate concern.
First relax and consider the following:
• Be mindful of investing – get assistance so you do not lose large sums
• Build an emergency or rainy day fund
• Consider the impact of inflation both before and during retirement
• Forecast a larger Retirement Portfolio than you think is needed
• Implement tax diversification into your Retirement Plan
• Prepare to have a Medicare Supplement
• Reduce Expenses – permanently
• Review options like an annuity
How do Social Security and Medicare Benefits work?
Social Security and Medicare are separate programs, but both are designed to assist with challenges in your senior years. Social Security is guided through the Social Security Administration (SSA) and provides monthly benefits to retirees, people with disabilities and people who have lost their spouses. Medicare, which is managed by the Centers for Medicare and Medicaid Services (CMS), is the nation’s health insurance program for people 65 and older and the disabled. Social Security works in conjunction with Medicare to inform people about the health insurance program, sign them up within deadlines, process applications and collect applicable premiums.
Can I afford to retire?
The correct answer here is….. it depends! The true question is – do you have enough savings to provide adequate income to sustain your standard of living throughout retirement? Some focus points to consider are:
• Affording retirement is an educated guess. You will need to stretch your savings over an indeterminate amount of time under uncertain personal, environmental and economic circumstances. The best method is to set a target goal.
• A target goal is to obtain 15 to 20 times your annual pay. Social Security will provide only 40% of your income; you need to save the remaining 60% in an IRA, 401(k), annuities or other retirement vehicles.
• Be on track for your goal at your current age. You should have one times your salary at 35, two times your salary at 40, three times your salary at 45, four times your salary at 50, five times your salary at 55, six times your salary at 60, and 7 times your salary at 65.
• Catch up now! If you are behind in reaching your target goal, enlist the help of a trusted financial advisor or firm.
How can women get ready for retirement?
Women are unique when it comes to retirement. They statistically are caretakers for family members and tend to live longer than their spouse. It is important for women to educate themselves about options and take control of personal retirement planning.
Five steps to begin are:
• Become educated about finances, including any benefits you may have, Social Security, or Medicare.
• Find out your monetary values from various sources of retirement income, IRA or employer-sponsored retirement saving plans, and Social Security.
• Investigate annuities and examine the potential need for long-term care insurance.
• Consult with a financial planner to help you make the right choices on how to invest safely and wisely.
• Take full advantage of employer-sponsored retirement savings plans and matching employer contributions.
Does the Affordable Care Act affect the need for Long Term Care?
For most retirees, Medicare will not cover long-term care, and being qualified for payment assistance through Medicaid is difficult. Paying for care presents a serious financial burden. The Affordable Care Act seeks to ease this burden by creating more Long-Term Care Services and Supports (LTSS) programs in Medicaid, and by making it easier to become a Medicaid beneficiary for support in home health and institutional services. Contact us to find out what options may exist for you or your loved one.