ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Financial Considerations for Retirees

Updated on August 11, 2014


As I’ve suggested before, you’re best off selecting an advisor or a team of advisors who can best serve the many needs you are going to need guidance in addressing.

You are going to have multiple new needs that need to be addressed at retirement. You should work with someone, or several someones, who can help you address all of these needs.

Which health insurance you choose can have a large impact on your financial well being.
Which health insurance you choose can have a large impact on your financial well being.

Health Insurance

More likely than not you will be on Medicare as you primary health insurance. This means you will have the option to choose between remaining on traditional Medicare and switching to Medicare advantage system.

By remaining on traditional Medicare with supplemental or Medigap insurance you have the potential to have full coverage or some cost sharing. You will also be able to use any doctor that accepts Medicare, which means you won’t have to concern yourself with provider networks.

By choosing Medicare Advantage you will be accepting some gaps in coverage in exchange for a lower premium.

Final Expenses

Your average funeral is going to cost your loved ones anywhere from $6,000- $10,000 on average. Cremation will cost you about $4,000 if you plan on burying the ashes.

Everyone should have final expense coverage aside even if you’ve pre-paid for a burial plot, your loved ones will undoubtedly encounter additional expenses that were not expected.

Long Term Care Coverage

Thanks to modern medicine, we are living longer. That modern miracle however comes with a cost. Long Term Care coverage can potentially be used to cover nursing home costs, potential modifications necessary to the home, (i.e. . ramps, lifts, etc.),

According to the National Center for assisted Living, 50-60% of individuals moved to a skilled nursing facility die within the first twelve months.

With this fact in mind, know that there are short term care insurance options that are less costly than long term care policies. Naturally you will give some of the other potential financial advantages that some long term care policies offer, but this option may prove to be better for your budget.

Legacy Gifting

For most of us, the only time we’ll ever be able to give a substantial financial gift will be upon our death in the form of an insurance death benefit. This gift can help loved ones with schooling or starting a business. Undoubtedly, a financial gift left behind after passing away will ensure how you are remember by the generations that were too young to get to know you. Legacy Gifting is a great way to leave that gift to your Church, Lodge, Fraternity or Sorority as well.

How will you protect your financial nest egg during the life of your retirement?
How will you protect your financial nest egg during the life of your retirement?

Nest Egg Protection

Now that you are no longer working and adding to your retirement funds you need your money to be protected and prepared to work for you. There are proven, non-market exposed strategies that can provide you with income guarantees without fear of market fluctuations. When you’re moving from the accumulation to the distribution phase of your financial life it is important to strike a balance between achieving enough growth to keep up with inflation

Remember, seeking the advise of trained professionals is always the best way to proceed on this new phase of life.


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)