When it comes to retirement, there are many things to look forward to. There are also things to take precautions against. Here are four retirement concerns many people often have. If any of them are causing you stress, please give me a call.
Paying for Medical Expenses
According to a study by Fidelity Investments, the average retired couple may need approximately $285,000 in savings just to cover health care expenses after retirement.
Outliving Your Money
Don’t underestimate how long your retirement may last, and plan for a retirement that could last 30 years or more. With advances in medicine and science, more and more people are living beyond 90 years and more. In fact, The National Institute on Aging Report says, “The 85-and-over population is projected to increase to 351 percent between 2010 and 2050.”
Too Much Debt
According to debt.org, the average person aged 65-74 has $66,000 in debt. Things that may contribute to the debt include paying off houses, cars, or a child’s college tuition. That translates to $66,000 they won’t have available for retirement.
Paying off debt as quickly and as soon as possible is always a good idea. Not only do you save money by not paying additional interest charges, you free up those funds to save and/or invest for your future.
There are many decisions to make both before and after retirement. To help defend your future against inflation, market ups and downs, unexpected expenses, longevity and more, I strongly encourage you to build a diversified income plan.
Four Retirement Concerns
These are only four retirement concerns many people have. Others concerns I often hear relate to Social Security, Medicare, taxes during retirement, and more. If you have any questions or concerns concerning your retirement, don’t hesitate to give us a call at Maestro Wealth Advisors (336-448-1086).