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Why Do I Need a Retirement Plan?

We all aim to have a secure retirement, where we can focus on our passions and family, without having to worry about money. But according to the Employee Benefits Research Institute, only 22% of Americans are confident in their retirement plans. What’s worse, of those who feel very confident in their plan, many are unaware of unforeseen risks to their retirement. Our retirement process helps hedge against the very common yet unexpected reasons your retirement plan could fail including these three:

Forced or Early Retirement

As you accumulate wealth and build your retirement savings, there is always a risk that your career could end prematurely due to poor health, disability, a job loss, or to care for a family member. Early retirement can destroy even well-laid retirement plans. Especially for high earners, the loss of income during the final years of their career can spell financial disaster.

To protect against this risk, you must plan for the unexpected. First, be sure to have adequate disability insurance to protect your income in the event of an illness or disability, especially if you’re a high earner. If you are laid off, do not take a severance offer until you speak with someone who can help evaluate what your company has offered and negotiate for more if appropriate. Finally, keep your resume and skills sharp throughout your career to be sure you can find another job if you are laid off.

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Premature Loss of Spouse

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Losing your spouse is devastating, whether they are near their life expectancy or not. But losing a spouse during the final years of their career can be dangerous for the surviving spouse’s financial plan. Furthermore, retirement and long-term care costs may increase without a spouse to share costs and provide care.

It’s critical to involve both spouses in the planning process and consider benefits for the surviving spouse. Life insurance may be a solution, with some companies selling first-to-die policies that could protect against this risk. Wills, trusts, and beneficiary designations must be reviewed to ensure both spouses are protected financially. Finally, you will want to create a pension and Social Security strategy to optimize the benefit for the surviving spouse.

Healthcare Costs that will Drain Your Nest Egg

As you accumulate wealth and build your retirement savings, there is always a risk that your career could end prematurely due to poor health, disability, a job loss, or to care for a family member. Early retirement can destroy even well-laid retirement plans. Especially for high earners, the loss of income during the final years of their career can spell financial disaster.

To protect against this risk, you must plan for the unexpected. First, be sure to have adequate disability insurance to protect your income in the event of an illness or disability, especially if you’re a high earner. If you are laid off, do not take a severance offer until you speak with someone who can help evaluate what your company has offered and negotiate for more if appropriate. Finally, keep your resume and skills sharp throughout your career to be sure you can find another job if you are laid off.

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Having Retirement Strategies you are confident in can offer many benefits such as to:

  • Provide direction for your retirement planning and financial decisions.

  • Evaluate the level of risk in your current retirement nest egg and discover whether it is appropriate for you.

  • Gain the ability to adapt your investment plan to ever-changing markets, economies, and personal circumstances.

  • Avoid the common financial and insurance planning traps that set many individuals and families back, and

  • Stay on track to reach and maintain the retirement you desire.

Many choose to live life without ever putting together a plan to successfully transition to retirement. Avoid this mistake at all costs. To discover if being a client is right for your situation, click here to set up a Retirement Strategies Consultation by phone.

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RichLife Advisors, LLC provides investment advisory services through Fiduciary Capital, Inc. Beau Henderson is a licensed life insurance professional in GA, SC, TX, CA, IL, KY, OH, MI, PA, MD, and NY.

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