“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. You’re on your own. And you know what you know. And YOU are the one who’ll decide where to go…” ― Dr. Seuss, Oh, the Places You’ll Go!
Retirement dreams come in all designs and visions, but too often, the idealized version doesn’t match reality. Encountering a retirement surprise isn’t fun, so prepare now to ensure you can go to the places you choose!
Health Care Costs – The majority of adults 65 and older believe they would need less than $100,000 for healthcare when, in fact, males 65 and older will need approximately $135,000—and females, $150,000—to pay for healthcare in retirement.1 Keep in mind this doesn’t include long-term care costs.
Higher Spending – Traveling the world is often part of a retirement vision, but the cost isn’t. Retiree’s actual travel expenses tend to be at least 10 – 20% higher than what was, budgeted.2 If travel isn’t the vision, often times extra costs creep up in the form of hobbies, home repairs, and spoiling grandchildren.
Taxes, Thanks IRS – Up to 85% of Social Security benefits are taxable even though people paid into the program using after-tax dollars.3 Additionally, when you withdraw from your tax-deferred accounts like a traditional IRA or 401(k), the government wants their cut at the same time.
Income Loss if Spouse Dies – It’s essential to plan for this all-too-real scenario. If both parties are receiving Social Security, a large portion of that will be lost when a spouse dies. A similar situation can occur with a pension if the owner hasn’t signed up for a joint-and-survivor annuity.
Growing old is inevitable, growing up is optional, being prepared is a must! Contact us at (540) 720-5656 and let us help you prepare so that your retirement visions can become reality.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.