Don’t Be The Person Who Says…
“If I had a known I was going to live this long, I would have done things differently.”
By Lamy Brodhead-Buck
Hindsight is 20/20, and while none of us has a crystal ball to tell the future, we do know three things. 1) We are going to live. 2) We are going to die. 3) And we may be disabled in the meantime. Whatever circumstances life deals us, we need to be prepared. There are four primary risks that must be considered when planning finances for a lifetime.
- Outliving your money. You can expect to spend as many years in retirement as you did working. Will your resources last a lifetime?
- Cost of living increases. At 5% inflation, the cost of living doubles every 15 years. If your retirement lasts 30 years and starts with a lifestyle maintenance of $24,000 in year one, it will cost $96,000 in year 30!
- The rising cost of healthcare. An obvious and relentless challenge for all of us.
- Leaving a spouse impoverished. Tragically, it happens, but it doesn’t have to happen to you.
The good news is, that with proper financial guidance, all of these potential problems can be minimized or even eliminated.
If It’s to Be, It’s Up to Me
We know that based on our aging population, our government will not be in a position to provide the financial support and services that we will need as we age. Medicare and Medicaid benefits are being scaled back every year. That is why you must know and understand what strategies and programs can be put into place now to ensure your resources last a lifetime. Consider the following tools:
The Reverse Mortgage
A study released by the National Council on Aging (NCOA) shows that reverse mortgages can be used to pay for long-term care expenses at home, allowing many to remain independent and in their homes longer.
Have you considered how to pay for care if you should need it? What if you need home care? You may be healthy now, but if you are 62 or older and looking at the possibility of rising medical costs, prescriptions or home care, then a Reverse Mortgage could be the answer. Reverse Mortgages have helped many seniors live stress free in their golden years by using the equity in their homes! Learn how one of your options could be a Reverse Mortgage from iReverse. .