A Comprehensive and Effective Strategy Covers All the Bases, Individually and Collectively

Many aspiring or actual retirees emphasize only one area, such as income. A sound plan has multiple aspects to keep the many ripple effects in check. A team of experts working together may be able to handle the task of assembling an all-inclusive plan.

While an easy-breezy retirement can seem elusive, a well-constructed retirement plan can push those dreams closer to reality. Two of the most often-mentioned roadblocks to overcome are the fear of outliving one’s money, and the soaring cost of anticipated healthcare.

Accordingly, experts encourage a sense of urgency in creating a plan. Not just a simple plan, but one that that has the input of several subject matter experts whose ideas can work together. Additionally, they cite five key areas that should be a part of any retirement planning conversation.

  1. An understanding of the couple’s living situation, and any short and long-term goals.
  2. A facts and numbers-driven assessment of the retirees’ assets. The result should be a preservation-focused approach that highlights protection over growth.
  3. A review of taxes that allows for maximum retention of Social Security, and minimum repercussions for any heirs.
  4. Healthcare costs to include both in-home and nursing homes. According to a 2016 study by Fidelity, 65-year old couples retiring today can anticipate an average of nearly $400,000 in healthcare-related expenses; $260,000 for medical costs + $130,000 for long-term care.
  5. A legal framework to include wills and trusts that roll into an effective estate plan. A comprehensive team approach can include input involving income, investments, taxes, insurance, legal, real estate and final expenses. In addition to having a team working for them, clients can expect high levels of continuity and integrity to keep any remaining assets in the hands of family and designated beneficiaries, rather than institutions.

Syndicated financial columnist Steve Savant interviews retirement specialist Joe Franz. Right on the Money Show is an hour long financial talk distributed to 280 media outlets, social media networks and financial industry portals.