You have so much to celebrate and look forward to as you near and enter retirement: Retirement means the end of a long career, but the beginning of something new, and the “what” is up to you. The way you finish the race can impact the rest of your retirement, whether you’re approaching retirement or have recently retired. Meeting your goals when crossing the retirement finish line means having a comprehensive plan in place that covers these four key areas of retirement planning.
Meeting Savings Goals
A Plan for Minimizing Taxes
A Retirement Income Strategy
A Long-Term Care Plan
According to government estimates, someone turning 65 today has an almost 70% chance of needing long-term care later in life.[3] When you consider that the median annual cost for a private room in a nursing home is over $102,000,[4] covering long-term care costs is a major feat. Medicare and Medicaid typically don’t cover costs, and paying with funds from a traditional 401(k) or IRA can trigger a larger tax burden. However, there are several other options for covering long-term care costs, and a solution can be tailored to the individual’s needs.
We’re here to help you finish strong in the retirement marathon by answering your questions, providing solutions, and handling the more complicated aspects of retirement planning. We respect how hard you’ve worked to get this far, and want to help you plan for the next phase of life. We offer complimentary reviews so that you can learn more about our services and approach to retirement planning.
[1] https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500
[2] https://unitedincome.capitalone.com/library/the-retirement-solution-hiding-in-plain-sight/
[3] https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html
[4] https://www.morningstar.com/articles/957487/must-know-statistics-about-long-term-care-2019-edition
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