“Over the next several decades, baby boomers – the wealthiest and one-time largest generation in U.S. history – will pass down an estimated $30 trillion in assets to their children and grandchildren,” notes the author of today’s article which looks at the considerations this so-called “great wealth transfer” creates for boomers, their heirs and the financial industry itself. The first thing boomers should consider, according to one financial planner cited? Whether they will end up having an estate to transfer at all due to the costs of long-term care. To read more, CLICK HERE.
When it comes to retirement planning, today’s article provides a case study in what not to do. In fact, it provides seven of them, as relayed by the financial planners who have seen people make these big retirement planning mistakes first-hand. From being too optimistic (or, conversely, too pessimistic) about one’s financial situation, to underestimating the impact taxes will have on retirement income, to not accounting for long-term care – and more – CLICK HERE to read about these “top retirement planning mistakes” and how to avoid them.
While the Department of Health and Human Services estimates that almost 70% of those turning 65 today will require long-term care at some point (and 20% will require it for longer than five years), today’s article acknowledges that – shocked by the prices – too many are choosing to forego this insurance. As such, today’s article outlines five “insider tips for finding affordable long-term care insurance.” What does one insider say is “the ideal age” to begin shopping for long-term care insurance? Why does another insider recommend against adding riders to your policy? CLICK HERE to read more.
$400,000. This is the amount the typical 65-year-old couple will need to save in order to pay for out-of-pocket medical and long-term care costs in old age, according to new estimates from Fidelity Benefits Consulting. As per today’s article, that amount is “$60,000 more than the typical couple’s entire savings at retirement, including equity in their home.” To read more about what the author describes as “a grim picture” – including the percentage of all 65-year-olds that will require at least some long-term supports and services before they die and what this all means for the typical couple, CLICK HERE.
When it comes to traditional long-term care insurance, the author of today’s article acknowledges that “for the typical retired couple in the United States, $3,200 a year is a meaningful expense. Especially when they are paying for something that they might never use.” As such, he provides an overview of how the insurance industry has changed over the last several years, offering alternative products in order to respond to the fact that many people are not buying the insurance that they will need due to its “use it or lose it” nature. To read more about these options – “linked-benefit” life insurance products, long-term care annuity products and accelerated death-benefits, CLICK HERE.
In light of the reality that many Americans are on track to fall short of meeting recommended retirement savings targets, as well as the finding that almost half of working-age households have no money saved in retirement accounts, the author of today’s article believes it is time for many to rethink their beliefs about saving, investing and retirement. As such, the article outlines ‘15 Money Myths That Can Destroy Your Retirement’ and counters them with a dose of (often sobering) reality. Will you really be able to live on significantly less when retired? Do you really have enough saved to cover the costs of long-term care? Do you really have to avoid any risk in your investments right before retirement? CLICK HERE to read more.