Longevity Planning

Housing is likely to be your biggest expense in retirement, whether you’re dreaming of a new home or planning to stay where you are. While staying in the comfort of your own home is ideal, you might need to consider modifications or even changes to your plan as mobility and transportation challenges arise.

Let’s discuss:

Do you want to stay in your current home?
Will it need any modifications?
What housing options are available to you, and what will they cost?
Would you consider downsizing?
Are you interested in relocating to a more pedestrian-friendly neighborhood?

Staying mobile means staying independent, and retirement offers more opportunities to explore and travel at your leisure. According to the Bureau of Labor Statistics, transportation is the second-largest expense for individuals over 65, accounting for about 15% of their annual spending. That’s why we ensure it’s a key part of your long-term financial plan.

Let’s discuss:

How will you get to your favorite places in retirement?
Who will assist you if you can’t drive yourself?
What transportation options are available in your area?

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Your health and finances are closely linked. Many people expect Medicare to cover their healthcare expenses in retirement, but the reality is that Medicare only pays for about 60% of healthcare costs. This means you will still face premiums, copays, and deductibles, which can add up as you age.

Let’s discuss:

Do you have any existing conditions?
What will the long-term treatment costs be?
Do you know what costs Medicare will cover?
How will you pay for the expenses Medicare doesn’t cover?
Have you considered Medigap?
 
*Employee Benefit Research Institute, 2015

As you plan for a comfortable retirement, it’s crucial to think beyond your own needs. Consider the kind of legacy you want to leave. How will you ensure you’re protected against financial fraud and that your assets and information are passed on to your heirs to secure your family’s future?

Let’s discuss:

Have you given significant thought to your legacy?
Who will have access to your important documents and information when the time comes?
How will you protect your assets and beneficiaries from financial fraud?

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As life expectancy increases, it’s likely that at some point you may need to provide care for a loved one or receive care yourself. Being a caregiver can be both emotionally and financially taxing, especially if it means taking time off from work. Additionally, long-term care is not covered by Medicare.

Let’s discuss:

Do you understand the full impact of being a caregiver?
How will you ensure you receive the care you need as you age?
Should you consider long-term care insurance?

Ensuring you save enough for a long, fulfilling life requires meticulous longevity planning, including strategies for saving, investing, and managing withdrawals. Making the right Social Security claiming decisions is crucial for optimizing your retirement income.

Let’s discuss:

When are you planning to retire?
What sources of income will you have in retirement?
How much income will you need in retirement?