Things change, right? And and just as much as during life they change probably even more in retirement. You’re talking about 20, 25, 30 years of life, and then you throw in things that maybe may not happen as much during your earlier years, like health issues and things like that. So yeah, absolutely. We have to plan for that.
MARK FRICKS
ATLANTA – We explore the unexpected financial shocks that can derail even the most carefully constructed retirement plans and discuss strategies to help prepare for these challenges.
• Healthcare costs average $315,000 for couples throughout retirement, yet most Americans estimate only $75,000
• Medicare has significant gaps requiring additional coverage and costs that increase annually
• 70% of adults who reach age 65 will need long-term care, with annual costs ranging from $47,000 to $131,000
• Traditional long-term care insurance has become problematic, but alternative solutions exist
• Home repairs and aging-in-place modifications can require substantial withdrawals from retirement accounts
• 75% of Americans over 50 want to remain in their current homes, but retrofitting costs range from $3,000 to $50,000+
• Elder fraud and scams are increasingly sophisticated, targeting even financially savvy retirees
• Market volatility, tax changes, and inflation can significantly impact retirement security
• A comprehensive retirement plan should address all these potential financial shocks
Visit masterplanretire.com to schedule a complimentary consultation or call 770-980-9262 to see where your strengths and weaknesses in retirement planning may be.
