There's a lot of pressure that comes with planning for your retirement. It's such an individual process for everyone, which makes it difficult to figure out the best course of action for your situation. That's why so many seniors turn to experienced financial planners to help them through the process. But before you explore the different types of financial services available to you, you'll do well to learn about the particular pitfalls seniors tend to experience when planning for their retirement. We've outlined three of them below.
Let's face it: no one likes to be told to cut back on their spending. Oftentimes, seniors would rather enjoy that new car or fancy vacation early on, while they're still in excellent health, rather than put it off in order to potentially live more comfortably in retirement. There are so many unknowns at play here, and in many cases, it comes down to priorities. However, failing to save enough -- or starting to save early enough -- can be a huge problem for many seniors. By the time they realize they've come up short, it may be too late to make and save more. But if you start working with financial planners early on, you can come up with a plan that allows you to enjoy your retirement and make sure you have enough to live off of.
Whether you're quickly approaching retirement age or you need some help managing your finances now that you're out of the workforce, our financial services can help. For more information about financial planning in Norfolk, Virginia, contact S2S Silver Services today.
Nearly 45 million people are enrolled in Medicare due to their age, and around 90% of Medicare participants rely on supplemental plans to complete their coverage. But if you are healthy and not currently taking any prescription medications, do you really need Medicare Supplement plans in addition to your regular policy?
No one likes to think that their health could fail at any point, or that it will likely decline as you age. But it is important to keep these thoughts in mind, especially since the average 65-year-old American has a 70% chance of needing long-term care services in their lifetime.
When you take into consideration that the average medical expenses of a 65-year-old couple can total around $218,000 over 20 years, it's clear why so many people choose to invest in long-term care insurance. For the same reasons, Medicare supplement plans could be a huge money saver in the post-retirement years to come.
If you are wondering whether long-term care insurance is the right financial decision for you, then keep reading to learn more.
I have received so many questions over the years regarding the safety of certain investments so I would like to share with you about "safe" and "no risk" investments. I would like to define what those terms mean and how they apply to financial planning. Customers often believe investment choices are supposed to become more conservative and less risky as they approach retirement. They don't always know how to evaluate an investment's risk.