Retirement Planning
As people prepare themselves for their retirement years, their biggest concern is how to not outlive their nest egg. There are four primary areas of concern that, if not adequately planned for, can devastate their retirement savings.
Medical Expenses
Medicare was never meant to be a senior’s sole source of retirement health insurance. Due to the gaps in Medicare it is important to plan for the proper supplemental gap coverage. This can be done through a traditional Medicare supplement plan or through the new Medicare advantage plans.
Long-Term Care
Today, older adults have many options for long term care, including a variety of programs and services that provide enough assistance to enable seniors to live independently well into their senior years. Long-term care insurance provides valuable support and financial resources that help cover the cost of long-term care. By helping to protect your assets, and control where you receive care, whether in your home or in a facility LTC insurance helps you and your family face the future with confidence. The decision to purchase long-term care insurance must be made while you are still healthy. Once a disabling condition occurs, it is too late to act.
Life Insurance
Too many times retirees mistakenly think their current life insurance coverage is adequate to cover all costs due to the loss of a loved one. There are many areas people overlook when evaluating their coverage. Funeral costs and arrangements increase every year. Unpaid bills, estate planning, real-estate transfers and lost income can devastate surviving family members. It is important to have life insurance evaluations completed ever year to ensure adequate coverage.
Annuities and Retirement Income
All too often retirees leave themselves exposed to high market risks or accept interest rates that don’t keep up with inflation. It is important for retirees to have a financial evaluation to make sure their portfolio is diversified adequately to their current risk tolerance.
Social Security and a company pension can help, but for many people retirement income comes from personal savings.
Annuities have two major advantages for helping build financial security:
Your earnings accumulate on an income tax-deferred basis, so your retirement fund grows faster.
Choose from a variety of fixed annuities:
- Deferred annuities - tax deferral speeds the growth of your money
- Flexible premium annuities - you can add money to your annuity at any time
- Single premium annuities - if you are looking for a secure option for investing a lump sum
- Immediate annuities - if you wish to convert accumulated wealth into a guaranteed income that begins right away
- Fixed indexed annuities - combine the safety of a fixed interest rate with the performance of the stock market
One of our professionally trained licensed agents can help retirees evaluate all of these areas in planning for their financial future or to make sure whatever planning has been done is up-to-date.