Category Archive: Retirement Planning

Costs to Consider in Retirement

Calculate CostsHave you considered how much some basic needs will cost you in retirement, such as health care?  Did you know that a 65-year-old couple that retired in 2012 need about $240,000 to cover medical expenses throughout retirement?

The rising cost of health care in the United States has become one of the primary risks to a financially secure retirement.  Health care costs are expected to continue increasing faster than inflation.

Costs to consider include:

  • Long-term care services:  How will you pay for any needed long-term care services?  Do you have long-term care insurance?
  • Health Care Costs: Do you know what your out-of-pocket health-care costs might be after you retire?  Are you aware that Medicare, while it covers man health-care costs, has significant limitations?  Are you familiar with the various types of insurance that can help pay health and long-term care costs not covered by Medicare?
  • Life Expectancy: In 2011, men reaching age 65 had an average additional life expectancy of 17.3 years, while woman reaching age 65 could expect to live an additional 20.0 years on average.
  • About one-third of individuals who turned 65 in 2010 will need at least three months of nursing home care, 24% will need more than a year, and 9% more than five years.
  • The average daily rate in 2012 for a private room in a nursing home was $248.
  • The average length of a nursing home stay is 835 days.
  • At an average daily rate of $248, an average nursing home stay of 835 days currently costs over $207,000.

Concerned about potential costs in your retirement?  Consider contacting Cook & Cook Associates for a complimentary Retirement Planning consultation.

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Retirement Planning Should Include Social Security Claiming Decision Strategy

Social Security - Yes or noWhen to take Social Security Benefits can affect a client’s financial bottom line.  When you elect Social Security is one of the most important decisions you will make in your retirement life.  When you claim benefits will impact the amount of income you receive, the amount of taxes you will pay, and how you utilize your other retirement assets.

A financial advisor can help you develop a strategy to maximize your benefits.  The importance of having a strategy and making an informed decision is critical as once you claim, your benefits become permanent after twelve months; there are no “do-over’s”.

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Baby Boomer Aftermath

Couple holding hands.Financial Planning is more important than ever for the 78.2 million people labeled “baby boomers” (those born between 1946 and 1964). Part of the reason is we have a lot of Baby Boomers who are dealing with aging parents. In addition, those same boomers have lived through two huge setbacks in the stock market the last 12 years. Finally, boomers are concerned about the consequences of living longer and the resulting reality that they will likely live longer without a continuing employment based source of income. Utilizing the services of a trusted insurance & financial advisor can help boomers prepare for & navigate their future financial life in a positive way.

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Disability Insurance Awareness Month

Injured womanMay is Disability Insurance Awareness month. Most people underestimate their chance of becoming disabled during their working career. The fact is, that 3 in 10 people experience a disability during their working life. Disability insurance is asset & income protection. Who gets hurt if you become sick or injured & can’t work? The answer: You, along with your family. Shouldn’t you consider insuring yourself & your income in order to protect the ones you love most?

You insure home & your car against loss, why wouldn’t you insure your income?

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Retirement Catch-Up

Seascape and cloudscape from water villa in Maldives

Have you turned 50? Are your retirement savings going to be insufficient when you retire? Individuals age 50 and over are allowed to make “catch-up” contributions to their 401(k) or IRA accounts in addition to their regular contributions.

Call me for details.

(We do not provide tax or legal advice).

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