Retirement Planning at Taylor Retirement Services, Inc

Retirement Planning

Retirement income plans are not just for the wealthy. As you near retirement, the traditional strategy has been to move growth-seeking products to more conservative fixed-income products. This may have worked fine back when retirement was only expected to last five to ten years. These days, however, people are living longer. It's not unusual for someone retiring at age 65 to live to age 90 or longer. You should consider that you may need to do some financial planning for your nest egg to potentially last 25 to 30 years.

 

Long Term Care

As the oldest Baby Boomers begin to wind through their 50s, one of the biggest concerns may not be outliving income, but outliving good health.

 

For seniors, home health care can cost $50,000 or more per year(1), and nursing home care can run as high as $80,000(2). Does your retirement plan account for this kind of possibility?  Would you be prepared for twice that number as a married couple?

 

Considering that you have to exhaust virtually all of your financial means before Medicaid will pay for long-term care and neither your group nor major medical insurance will cover long-term care, it's critically important to plan ahead and protect yourself from these costly expenses

We can help evaluate your situation and provide adequate retirement planning assistance to help you live comfortably.

 

(1) Genworth Cost of Care Survey, 2010

(2) MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs, 2009