What Not To Do When Preparing For Retirement
We all hope to live a long and healthy life, but if you want help to ensure a healthy retirement income strategy you’ll need to account for health care expenses you may face in the future. Too often, people neglect to think through challenges they may face as they age when they’re preparing a retirement income strategy.
We don’t want you to fall victim to some of the common mistakes we see people make, so here are a couple to avoid:
Ignoring the cost of healthcare:
According to one study, a 65-year-old married couple that retired in 2014 will need about $220,000 for health care costs in retirement.
Not planning for the potential need for long-term care:
It’s estimated 70 percent of those over 65 will require long-term care at some point in their lives, and the average cost of a private nursing home room is more than $77,000 a year!
Failing to take these factors into consideration could decrease your retirement income. If you’d like someone to help you think through all the possibilities as you prepare your retirement income strategy, we’re here to help.
If you would like help with any of your retirement planning 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.
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