Technological and medical breakthroughs seem to be continually moving at a rapid pace today, when compared to 10 years ago. With all this new development, people are living healthier and longer. I recently saw a headline: “HIV -patients’ life expectancy rises” and read the article “How Long Do You Want to Live?” via: The New York Times – Sunday Review. Which re-enforces we are not only living longer but, also living longer and better with disease.
Many of us can expect to live to a ripe old age, what does this all mean for you personally in terms of retirement? Planning for this time of our lives has become increasingly important. The nest egg you may have stashed away for retirement years can fall short if it was not designed to last somewhere between 20-30 years. Living longer may mean stretching retirement savings and spending less. One of the most important things, once you have your strategy in place, is to stick to the spending plan you have put together.
This ever-changing world requires a revisit to personal retirement plans on a continued basis in order to make sure your retirement funds will last your lifetime. You may need to make adjustments and re-think your retirement strategy.
Knowing you need your assets to last your lifetime, your financial plan should be comprehensive in order to address your needs, manage your health care and allow for inflation.
Annuities have great appeal when they are one of the few financial products out there that can guarantee you will not outlive your income. These products can guard against risk when planning for retirement. With longevity risks as they are an annuity could be the obvious way to finance a longer retirement.
Along with the Annuity some additional ideas you may want to consider in your retirement planning are:
Spend Less/spend carefully
Live below your means
Focus on what you need
Explore income options
Protect your income < with insurance
Secure your family and assets < with life insurance
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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