Insurance, Make Your Retirement Planning More Stable.
There are a few things that you can do to…
This is a Bonus Tip to the “3 Tips To Help You Sit Pretty In Retirement” eBook.
…make your retirement planning more stable!
You can get:
- Long Term Care Insurance
- Life Insurance
- Disability Insurance
So what exactly will these 3 things do for you?
Well, they will make your 3 legged stool more stable, making it a 4 legged stool!
Cash flow in retirement is always the number 1 topic.
Just when you think you’re home free enjoying retirement with your spouse…BANG!…a life changing event occurs.
The average stay in a nursing home is 2 ½ years with an average cost of $219 per day.
Assisting living facilities carry an average cost of $3,131 per month and a health-care aid will average about $21 per hour.
Keep in mind these are averages and they will vary by state but it will not take long to use retirement assets in the event of a long illness.
Also don’t count on Medicaid; it will not kick in until a majority of your assets have been expended.
So what do you do if you have assets but not enough to cover the cost outlined above? Talk to a financial professional about Long-Term care insurance. It may be the only answer to passing on assets to a surviving spouse and/or your family.
Death of a spouse with a pension generating the majority of the monthly income can also cause problems with cash flow.
Some plans stop paying completely and others reduce benefits to the surviving spouse.
If not planned for, this event can create a major hole in a surviving spouse’s monthly cash flow.
Reviewing all life insurance options is one way to solve this unforeseen crack in your retirement plan.
Disability insurance, which may be difficult to obtain in retirement, should be reviewed at a minimum to see if is it available and at what cost.
If you have any questions, comments or concerns about retirement planning, or think I can help you in any other ways, contact me, or give me a call at (239) 384-9688.
– Mark
This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.
LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.
