Today’s Prep:
What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.
Equipping Points:
We’re living longer and want to make sure our retirement plan will help us last into a longer life. While there’s a lot to look forward to in life, there’s also a lot to prepare for. Let’s talk about how you can ensure your future is financially covered.
What are the financial downsides to a longer life expectancy? You’re always going to have expenses, so you’ll need to pay for your needs. Having income for the rest of your life is an important pillar. Some have Social Security or a pension that they rely on. Others will use an annuity. The longer you are around, the more you are exposed to things like inflation or market fluctuations. What if taxes go up? You need to have a plan that will survive in any market.
Eric typically helps people plan financially to live to 100 years old. Of course, not everyone lives that long, but it’s better to be prepared for it. Some have seen how things went with their own parents, be it a healthcare catastrophe or having to sort through finding a nursing home. The easiest way to remove that risk is to insure against it. Do you want long-term care insurance? What about life insurance?
There are a lot of questions you’ll want to ask and prepare for. Doing a retirement readiness review with Eric and the team will allow you to walk through those decisions and find out if you are financially prepared for them, no matter how long you live.
Listen to the entire episode or skip ahead using the timestamps below.
0:47 – What are the biggest downsides to a longer life expectancy?
3:33 – How can you be prepared?
4:26 – How do you insure against risk?
Today’s Takeaway:
“You need to have a plan that will survive in any market.”
-Eric Peterson
Related Resources:
Wishful Thinking with Your Finances
Building A Financial Foundation
Tax Season
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