Retirement has both financial and life implications. Retirees today are spending up to 30 years enjoying the fruits of their life’s labor. Because of this, it’s important to plan for longevity in retirement.
Asking yourself the following questions can help with longevity planning:
1. Where will you live?
When considering longevity planning, have you considered where you will live? Housing is one of retirement’s largest expenses. While aging in the comfort of your own home is ideal, you must have the necessary means to modify your home when that time comes. Longevity planning involves discussing different housing options.
2. How will you get around?
Transportation is second on the list of retirement’s biggest expenses. Accounting for travel as a part of your long-term financial plan will ensure your ability to get up and go as you please.
3. How will you take care of your health?
How will you take care of your health? Many expect their healthcare costs in retirement to be paid for by Medicare, but Medicare only pays up to 60% of expenses. Being prepared for healthcare costs including premiums, copays, and deductibles is an important part of your financial plan.
4. Who will care for you?
When planning for your longevity have you considered who will care for you? When you reach your 80s you may be able to manage daily tasks, however there are risks associated with living alone very late in life. The longer you live, the more likely you may need someone to help care for you at some point. Lacking the financial resources to pay for medical care can be a burden on your health and on your family.
5. Will you have what you need?
Saving enough for a long, fulfilling life requires strategic longevity planning that includes investing and smart management. Planning for how much you will need based on the income you will have in retirement is essential to making your retirement comfortable.
6. How will you secure your legacy?
While planning for your future, it is essential to think even further beyond that to your family’s future. Your life’s purpose is a gift to preserve and share with your family.
Our Raymond James financial advisors at Financial Consulting Group, Inc. have the experience to help you plan for longevity in your retirement. Call (504) 835-1707 and begin to plan for your long, fulfilling life!
Legacy planning goes beyond estate planning that allows you to shape the way you will be remembered after you pass. If you want to ensure that your spouse, children, or other loved ones will be taken care of, call us today at (504) 835-1707. At Financial Consulting Group, we use an extensive array of tax, trust and financial planning expertise to help ensure your wishes are implemented. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Trust services provided by Raymond James Trust.