As the leaves turn brilliant colors and the weather cools, harvests are underway across the farmlands of America. The bounty that will be headed toward our tables is the result of seeds sown months before.
This is an excellent reminder that, in order to reap the rewards of a bountiful retirement, you need to plant the right seeds in advance.
This is a critical issue for baby boomers, as the results of a 2016 survey on retirement readiness (by PNC Bank) revealed:
- 55% worry their savings may not last as long as they will.
- 83% fear health care costs will be too high in retirement.
- 74% haven’t reached the $1 million in retirement savings, although they expect to need at least $1.3 million to retire comfortably.
So what seeds should you sow now to ensure you are not part of those worrisome retirement (un)readiness statistics?
Prepare, Prepare, Prepare
Many of us are going to live longer, and we need strategies to surmount the potentially heavy cost of medical care…to protect ourselves and our families.
“Due to advances in medical science, life expectancy is increasing, and people are facing the prospect of spending more time in their non-earning, retirement years,” says Robert R. Johnson, president and CEO of The American College of Financial Services.
While traditional long-term care insurance has its drawbacks, there is a new wave of hybrid insurance products that could be financial lifesavers when you need it most. You can research these online or save time and schedule an appointment to see us.
Create a Harvest Plan
If you don’t have millions stowed away for retirement (or even if you do) you need to review all your assets and see what changes you might need to make.
Knowing your current assets and anticipated Social Security income, we can craft a plan to ensure you maximize your Social Security earnings with a detailed income plan and optimized claiming strategy.
Rarely in our experience is Social Security alone enough to support your lifestyle in retirement. You will need to look at all your resources, and even options within Social Security, to gain the most “bang for your buck”. Together we can work with you and explore several scenarios that are custom to your needs and opportunities.
Having helped many clients reap the reward of a bountiful retirement, we here at Silverhawk Private Wealth are happy to help you:
- update the retirement plan that we created for you
- provide a second opinion on a plan created by someone else or
- begin the process of planting productive strategies for your financial future.
There is no more important action you can take than planning to protect yourself, your family and your nest egg. Call us today at 480.296.0200 or contact us here.