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When it comes to financial planning, and more specifically retirement planning, people are leaving it to chance. Study upon study have shown that the main way that people figure out what it will take them to be financially secure is guessing. Not using an adviser. Not using an internet-based calculator. Not reading a book. No, the way most people know their finances are okay is guessing.
Don’t be like most people.
Retirement today is a lot different than earlier generations experienced. For one, people are living longer. A person who turns 65 today could be expected to live as many as 20 years in retirement as compared to a retiree in 1950 who lived, on average, an additional 15 years. For a 65-year-old retired couple, odds are that one of them is still around in their early 90s and there’s a decent chance they’ll make it into their late 90s.
Think of the ramifications. A person graduating college today may have only 40 years of employment to prepare for a potential 30 years of retirement. Longer life spans have created a number of new issues that need to be taken into consideration when planning for retirement.
Longer life spans can also translate into more health issues that arise in the process of aging. The federal government provides a safety net in the form of Medicare, however, it may not provide the coverage needed especially in chronic illness cases. Likely most people reading this page know someone who is in a long-term care facility or gets nursing care in their home. Yet planning for long-term care, in the event of a serious disability or chronic illness, is still lacking in most people’s retirement plans today.
Breaking news: You’re going to die. Everyone knows this, but many continue to put off getting a will prepared and many more haven’t updated theirs in well over a decade. Planning for the transfer of assets at death is a critical element of retirement planning especially if there are survivors who are dependent upon the assets for their financial security. And with so many mixed families out there today a nightmare might ensue without planning for this eventuality.
Get the picture that planning for your future makes a lot more sense than just hoping.
Contact us today to schedule an initial meeting, at no charge, to see how we can help you prepare for your future.
Should you decide after that initial meeting to hire us to create a retirement plan, our fees are $200 per hour we are working on your case, or you may decide to have us manage your retirement investments (click here for ongoing management fee information.) Once we have an understanding of the investments we would be managing will be able to quote a price for the service.