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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.


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