Five easy pointers to help you plan during all of your retirement years
If you’re retired, you enjoy good news in that you’ll probably live longer and perhaps better that your parents and grandparents did. The bad news: You’ll live a longer and perhaps more expensive life, too.
You face decisions your parents or grandparents likely didn’t face before you.
This means every year you need to realistically estimate your life-expectancy to ensure the foundation for your retirement (which might include years of less-than-great-health). Let’s say you are 58 – you need to plan for the next 37 years – more than a third of your life.
Pointers to Help Plan During Retirement
Here are five easy pointers, in ascending order of importance:
- Costs of advice. You probably have a lot of questions. How much do you pay someone now to help you coordinate your investments? How much do your investments cost?
Is your portfolio sufficiently diversified? Did you buy annuity policies that you don’t really understand and that may become expensive for you to own? Do you need someone to only manage your investments or to also provide financial planning advice?
The average American spends more time analyzing the cost of a new TV than the costs and qualities of a financial advisor.
- Social Security. Don’t decide about benefits and lump-sum pension choices without input from an objective financial planner – or you may leave significant money behind. Remember too that the Social Security Administration won’t necessarily provide advice on your best strategies.
- Your home and future health. Consider the final 15-plus years of your life. Where will you live when you’re 80?
In a large home with stairs? Will most of your wealth center around your home as your retirement years tick past? Who will care for you if you can’t yourself (don’t plan on a spouse, as you may become a widow or widower)?
Get objective advice on long-term care planning and your options for a reverse mortgage to convert your home equity into cash.
- Know what you own. Are you one of the tens of thousands with half-forgotten old 401(k) plans from previous employers? Have multiple accounts with various brokers? Outdated estate documents or long-forgotten life insurance policies?
Consolidate your holdings and paper trail, a kindness not only to your current recordkeeping but also to your future heirs.
- Make your wants clear. Include your adult children or siblings in a frank discussion about where your assets are and your preferences for treatment if you end up in the hospital.
You don’t need to give specific dollar information, but family or friends need to know your preferences and where to find your assets if you die or can longer communicate.
Death and taxes are inevitabilities we all face. Make that time as easy as you can for your executor and heirs.
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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.