As you keep working toward your dream retirement, there are several real-life challenges you should keep in mind that could complicate your retirement income strategy.
Withdrawing too much from your retirement insurance contracts and/or investment accounts too soon could put a damper on the plans you have for your ideal retirement. You may overspend due to an unexpected financial situation, or maybe because you’re just having too much fun. Regardless of the reason, spending more than you had budgeted for could cause some challenges further down the road.
Inadequate Financial Guidance:
Insurance products, investment accounts and retirement income strategies can be very complex. Trying to “go it alone” could cause you to make unknown errors that could have an adverse effect on your overall retirement income strategy. Finding an experienced financial professional who can help determine your retirement income options and goals can help put you on the path to retirement success.
There’s no question that assisting an out-of-work adult child or an aging relative through a rough period is a commendable act, but doing so in the crucial years leading up to your retirement can be a drain on both your emotions and your finances. Make sure you’re taking care of yourself when taking care of others, and be honest with your family about what you can and can’t afford in order to set realistic expectations.
Health Care Costs:
As you grow older, your health care expenses usually grow as well. While some costs may be covered by Medicare and supplement plans, other things, such as co-insurances, deductibles and certain prescription drug costs, can add up quickly. Carefully planning for how you’ll pay these expenses in retirement, as well as preparing for the potential need for long-term care, can help you have extra savings on hand when you need it.
While some of these concerns are unavoidable, a well-thought-out retirement income strategy can help prevent you from depleting your retirement assets too early. If you would like to discuss your current retirement plan or get a retirement plan in place, please give us a call at 801-990-5055.
Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. Advisory services offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm.. Insurance products and services offered through B.O.S.S. Retirement Solutions. To see a list of services please visit us at bossretirement.com/services.
This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.We are not affiliated with any government agency including the Social Security Administration.