PERMANENT RETIREMENT PLAN
The purpose of planning for retirement is not just to accumulate assets, but to ultimately turn those assets into income.
When creating a plan for your retirement, a portfolio needs to be diversified. Liquid assets, real estate, and retirement accounts are at the forefront of planning, but also permanent life insurance.
If your permanent life insurance is equal to your retirement accounts, at your retirement, you have the option to trade in part or all of your assets for a Guaranteed Life Time Income Annuity (personal pension plan).
This video explains, how to leverage life insurance to create a significant lifetime income form retirement assets.
Planning for Assisted Living
During retirement You live on a fixed budget. This budget was created, based around your spending habits in your working years, to replace your income during your retirement years.
Your budget however was not created to pay the extra costs for a caregiver/ helper or assisted living. These costs alone can be upwards of $5000 a month.
The stark reality is that about 70% of those over the age of 65 will need long term care.
How will you pay for the needed care?
Depleting your life savings to pay for long term care, then going on Medicaid
Or
Re-evaluating your current Retirement Plan. Making the necessary changes as to how you will withdraw your income during your retirement years. Creating a higher withdrawal % utilizing a safer strategy.
In order to prevent financial devastation from long term care expenses, it is a good idea to have a financial strategy.
Your budget however was not created to pay the extra costs for a caregiver/ helper or assisted living. These costs alone can be upwards of $5000 a month.
The stark reality is that about 70% of those over the age of 65 will need long term care.
How will you pay for the needed care?
Depleting your life savings to pay for long term care, then going on Medicaid
Or
Re-evaluating your current Retirement Plan. Making the necessary changes as to how you will withdraw your income during your retirement years. Creating a higher withdrawal % utilizing a safer strategy.
In order to prevent financial devastation from long term care expenses, it is a good idea to have a financial strategy.