Planning for Retirement

For many clients, retirement goals are simple: accumulate enough money to maintain their current lifestyle after they retire. In the face of challenges such as inflation, market risk and living longer, it’s important to plan carefully.

An annuity may be a good compliment to a retirement income plan.  Benefits of an annuity:

With increased life expectancies, the probability of needing assisted care services is higher than ever before – and so is the cost.Consider these potential solutions:

Rely on the government

While it may seem like there are many programs available, Medicare only covers skilled care after hospitalization and Medicaid requires impoverishment.

Rely on family members

Will your spouse be physically able to assist you with daily living activities, such as moving from bed to chair, bathing and dressing? Are your children able to take time off to provide the daily support you may need? There may be a large negative impact of this strategy – both emotionally and financially.

Create a strategy with long-term care insurance

It’s important to evaluate your choices and find the option that works for you.

How solid is your foundation?

When someone is too sick or hurt to work, the bills don’t stop. Plus, there may be additional expenses for medical treatment or assistance. Many believe the government will support them, but average amount of time it takes to collect Social Security disability benefits, if you qualify, is more than a year. Employer policies are usually taxable, leaving less income to go around.  Are you confident your family would survive?

A disability plan can help:

Individuals

• Provide personal income protection for everyday living expenses
• Allow you to continue saving for retirement

Businesses

• Reimburse owners for fixed business expenses
• Keep business value intact by funding the buyout of a disabled owner
• Help businesses offset the loss of a key employee