What are the biggest challenges of retirement planning?

Three challenges or problems that come up the most often are:

  • How Do I Maximize My Social Security Income?
  • How Can I Afford The Proper Health Care in Retirement?
  • How Can I Deal With The Effects Of Market Volatility?

If these problems are things you are currently worried about be sure to check out my FREE Video, Avoid This Big Retirement Mistake And Retire Stress Free! Click Here 

Let us take a look at these one at a time:

 

How Do I Maximize My Social Security Income?

Maximizing your Social Security income is a very important part of retirement planning.

But what does that even mean and how do I go about it?

  • First Verify Your earnings record with Social Security
  • Second Evaluate your Individual Longevity
  • Third Run a Social Security Analysis
  • Last, Optimize how Social Security will work in tandem with your Retirement Plan

Want to get a little more in-depth on each of these steps?

Check out this short video explanation:

 

 

How Can I Afford The Proper Health Care In Retirement?

  • According to Investopedia: “A 65-Year-Old Retired Couple in 2020 will need $295,000 (saved net after-tax) for medical expenses in retirement! * Yikes!
  • Medicare may pay for SOME healthcare spending in retirement, but it does not pay for all of it.
  • Medicare does NOT pay for most Long-Term Care Services or personal care– such as help with bathing or for supervision (Often Referred to as Custodial Care)

For more in-depth information on this, please check out a short video I made on the subject… (Is Long Term Care Insurance Necessary?)

 

 

What can you do to protect yourself from Health Care Costs in Retirement?

Plenty:

  • You can Self-Insure but be prepared to sock away $295,000 or more just for health care.
  • You can buy an Expensive Long Term Care Insurance Policy
  • You can leverage other assets such as your home equity using a HECEM Loan
  • Some of the newer Life Insurance plans allow you to use your death benefit to pay for Long Term Care expenses while you are alive, CLICK HERE FOR MORE INFO!
  • You can look into Short Term Care Insurance and taking something is better than nothing approach.

How Can I Deal With The Effects Of Market Volatility In Retirement?

As a Financial Advisor I can tell you that most of my clients are very aggressive investors… When the market is up! 😆 

But everyone gets real conservative when things start to drop.

When you are younger and have 10, 15, 0r 20 years ahead of you it is easy to take the ups with the downs.

But when you get close to retirement, all of the rules change.

I am not saying you should stop ALL of your investing for growth, but you do NEED to protect a portion of your money from market volatility.

In this IMPORTANT video, I spell out why you simply can not ignore this problem.

Click here to watch: Avoid This Big Retirement Mistake And Retire Stress FREE!

*https://www.investopedia.com/retirement/how-plan-medical-expenses-retirement/

 

Disclosure: Investment Advisory Services offered through Retirement Wealth Advisors, LLC. (RWA) a Registered Investment Advisor.  Rockford Retirement Planning, Inc. (RRP,Inc.) and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that RRP,Inc. and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any references to protection benefits or lifetime income generally refer to fixed insurance products. They do not refer, in any way to securities or investment advisory products or services. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors, LLC.

Social Security/Government Program Disclosure: Antonio Filippone of Rockford Retirement Planning, Inc and Retirement Wealth Advisors, LLC are not affiliated with or endorsed by the Social Security Administration or any other government agency

MDRT Disclosure: The Million Dollar Round Table is a trade association to help insurance brokers and financial advisors establish best business practices and develop ethical and effective ways to increase client interest in financial products, specifically risk-based products like life insurance, disability, and long-term care. Annual qualification requirements include demonstrating a set annual production requirement and agreeing to a code of ethics but are not based on client experience or performance. For more information regarding the Million Dollar Round Table eligibility, please see https://www.mdrt.org/membership/requirements/. Membership in no way constitutes an endorsement from Million Dollar Round table or any client.

Top of the Table:To qualify for top of the table a member must demonstrate an annual commission of six times the base requirement.

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