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Too many people wait until they’re ready to retire to think about their retirement plans, but it’s hard to catch up if you wait too long, said Paul Fleming, Bell Investments vice president and registered representative.
Consider your retirement lifestyle, taking into account where you will live and how your budget might change. Some people spend a little more money when they are newly retired, doing things they have waited for, such as traveling.
Evaluate your retirement income including resources like savings, social security benefits, pension and any other income you might have from a part-time job, farm or business interests.
You’ll need to assess your risk tolerance as an investor, and make sure to think long-term. People are living longer than they used to. Consider investment options that can provide guaranteed income. And make sure to be realistic about what you will be comfortable with as an investor.
Think about how you will handle long-term care expenses, such as a nursing home or assisted living. Seven out of 10 Americans age 65 or older will need some type of long-term care, according to the U.S. Department of Health and Human Services. Some options include long-term care insurance, life insurance and annuities.
Finally, work with a financial advisor. It’s a lot less daunting with a professional on your side. Once you’ve come up with a retirement plan, review it annually or as changes occur.
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This article is from the June 2016 issue of the Bell Wealth Newsletter. Download the full issue or check out the newsletter archive.
Investing and wealth management products are not FDIC insured, have no bank guarantee, may lose value, are not a deposit and are not insured by any federal government agency.