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When You Need Professional Help During Retirement

2/4/2022

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Retirement should be a simpler time of life for you—but what happens when, unavoidably, you are expected to handle your retirement finances, estate, and health issues? Seeking professional help for each of these things will ensure that your financial, familial and physical health are all well-taken care of.

Determining Your Safe Withdrawal Rate

Budgeting for retirement is absolutely essential. Each month you will need to provide for your lodging, food and other living expenses, and anything else that you spend day-to-day on projects or entertainment or hobbies, or whatever it is you love to do… this is often called or considered a safe “withdrawal rate”, or the percentage of your funds that you can safely access on a routine basis. Planning this budget is something you don’t want to miscalculate. Spend some time with your financial advisor going over your projected retirement income, total savings, and potential growth of any investments to determine the amount of money you will have access to annually. Then, your advisor can help you create a safe and reliable budget including a set, safe withdrawal rate that you can depend on for those monthly living costs and any extra spending money! Feel more confident and more prepared for retirement as a whole by securing your financial safety early on.

Source: https://www.marketwatch.com/story/the-4-rule-is-being-debated-again-but-heres-what-you-should-do-11636999447

Estate Planning

Create a secure plan for yourself and your property! Make sure that your property—your assets, your trusts, and even your body—is all spoken for. If you die without a will your state will decide the fate of your assets. If you want your property to be divided amongst your loved ones, you need to create a will to allocate those assets according to what you want. The same can be said of the trusts you hold or beneficiary designations you make… create a verifiable record of your desires for each of these assets. Furthermore, you need to determine who will hold power of attorney in case anything is found unaccounted for and therefore available for dispute. An estate planning agent or attorney can help you cover all those bases, and leave you feeling comfortable with how your things will be taken care of after you are no longer able to do so.

Source: https://www.cainattorneys.com/wills

Healthcare Access

Your job before retirement likely gave you access to health insurance that you could lean on whenever you needed. Without that employment benefit, (and with potentially increased need for healthcare as your age also increases,) you need to make sure that you have a reliable healthcare plan in place! Explore all your options with the help of a health insurance agent that can point you in the best direction for your circumstances. You may have access to programs and policies that you are unaware of! Regardless of your decisions with healthcare, you should aim to find a program that will allow for both regular and emergency care to keep you safe and healthy.

Source: https://www.53.com/content/fifth-third/en/financial-insights/personal/wealth-planning/8-early-retirement-health-insurance-options.html

Take care of yourself by taking care of these few basic, precautionary aspects of retirement! Professional help will get you the proper plans you need to feel confident and comfortable in your retirement.

Check out this article on how to add some excitement to your retirement! 

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    Author

    My name is Dan Hopwood and I first started my career in the insurance business back in 1988.  2023 will be the start of my 35th year in the business. 

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