It would seem like retirement is the time when you get to relax, visit the grandkids, take up a new hobby and enjoy life. But lurking around the corner for every retiree are a known set of risks that can potentially derail even the best laid plans. Knowing what they are and how to plan for them is essential.
Working closely with you, our goal is to create a resilient retirement plan that makes any of the key risks retirees face mere bumps in the road, rather than roadblocks to a successful retirement:
Whatever life has in store, we work with you to create a plan to anticipate it, counteract it and rise above it. Ask us how we can help you develop your retirement plan today.
Working closely with you, our goal is to create a resilient retirement plan that makes any of the key risks retirees face mere bumps in the road, rather than roadblocks to a successful retirement:
- Market Risk - Defined as a drop in investment returns, rising inflation, or other market variables.
- Longevity & Mortality Risk - We are all living longer, which is great, except that it means our retirement nest egg has to last. We have strategies to address the need to have an income stream that lasts as long as you do.
- Healthcare Risk - We all hope to age well, but the reality is that many of us will face health issues. According to the latest retiree health care cost estimate from Fidelity Benefits Consulting, a 65-year-old couple retiring this year will need an average of $285,000 (2019) to cover medical expenses throughout retirement, up from 2016 estimates of $260,000. This doesn't include the cost of long-term care.
- Tax & Policy Risk - The future is filled with unknowns. How our tax structure may change and revisions to programs such as Medicare and Social Security, will definitely impact the costs we pay and the benefits we receive. We can help you plan now to be prepared no matter what the future brings.
- Financial Risk - For many retirees, life can deal an unexpected blow that has a significant impact on their financial strength. Perhaps it is losing a spouse, thereby experiencing a reduction in income in addition to the obvious emotional loss. Perhaps it's needing to help an adult child or grandchild in an emergency. Helping you prepare for the unexpected can alleviate some of the stresses.
Whatever life has in store, we work with you to create a plan to anticipate it, counteract it and rise above it. Ask us how we can help you develop your retirement plan today.