You Did It!

You worked hard, for many years. You made a decision, difficult for some,  easy for others, to retire.

CONGRATULATIONS! You are embarking on a new journey! Having the flexibility to decide how you want to spend your free time, is the reward. Some rest for a while and enjoy the R&R and some get back to being busy.

However, I have a bad habit of playing the Devil’s Advocate. I would be remiss if I didn’t deliver some bad news:
One thing you cannot retire from is the need to keep tabs on your financial position.

If you have decided to not work part-time or change careers to continue to earn an income, you are not generating new money. You must protect your assets and leverage what you’ve saved to sustain your lifestyle.

  • Have you set a budget?
  • Have you reviewed your budget?
  • Have you reviewed the allocation of  your savings so you can forecast how long your money will last?
  • How have you decided to protect your assets and savings in the event of a catastrophe?
  • How have you planned for the inevitable aging we all must face as human beings?

The catastrophe, unfortunately, is the inevitability of death and/or disability as we age and how we deal with our bodies become more and more limited.

Long-Term Insurance may be considered an expense but it presents the opportunity to protect your assets with the following benefits:

  • Tax-free money paid to you if you’re sick.
  • Not spending your life savings to pay for medical care.
  • Tax deductions on premiums paid.
  • Dignity.
  • Family members are not burdened so you can enjoy quality time with them.

Long-term care includes assistance you could need if a chronic disease or disorder inhibits you from performing the six activities of daily living (known as ADLs).  The 6 ADLs include:

  • Transfer
  • Bathing
  • Toileting
  • Dressing
  • Eating
  • Continence

Discuss with your agent how you can make your retirement years the most comfortable and as successful as your working career.