Successful Retirement

People spend more than 30 years saving for retirement. That vision of retirement frees them to spend time traveling, or pursuing a second career or favorite hobby, time with family and other personal pastimes.  What most people don’t realize is that it’s not just about saving money to be set up for a happy and healthy retirement.  There are many choices to make around health care, lifestyle, housing and all the research that goes into making some of these decisions to have a healthy and stress-free retirement.

Healthcare is probably high on the priority list for most individuals and decisions need to be made in most cases prior to actual retirement.  Medicare is complex and the decisions stay with you for your life. There are issues around requirements for Part A, Part B and Part D and then there are supplemental or Medigap policies with long term effects if you don’t have all the information to make sound decisions.

And while you are making these early decisions on long term healthcare, your lifestyle assessment takes a step up in priority.  There are decisions about where you want to live and how you see your retirement in the early years compared to later years. You may need to consider your need for long term care insurance, and this can be expensive. Not everyone needs this type of insurance, but doing the research is important. There may be a way to monetize your home equity to cover long term care or other decisions around management of equity.

Retirees have spent 30-plus years accumulating wealth and then it’s all about making sure it lasts. No matter how much money you have, it’s a difficult transition to retirement.

How Procore Advisors can help

• Show clients their income streams from pensions, IRAs to help plan
• Encourage clients to prepare for retirement before it begins
• Assist with Social Security and Medicare
• Adjust for the change in risk exposure and management