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You’re planning for retirement
- 2. Let’s be realistic. If you have an adequate investment and pension portfolio, if you have made provisions for your health care costs, if you have no one relying on you for financial support, maybe, just maybe you can afford to retire. Did you know that a healthy 65-year-old man has a life expectancy of 87 and a woman, 89; and that 38% of the men and 50% of the women will live to age 90, according to recent research on longevity risks and retirement.
- 3. Have you thought about outliving your income? Perhaps a lifetime income annuity would be appropriate to cover your basic retirement needs. Those with kids—and grandkids How much will it cost to raise a child to age 17? In households with income over $105,000, it’s estimated to be $399,780. Per Child. Without college expense. Combined expenses may be $650,000 or more. How many children do you have? What happens when they come home to live after they graduate? How long will they stay? What happens if you’re is not around to pay these expense? Do you have adequate life insurance? Grandparents provide the primary financial support for one out of 10 grandkids, and 49% of parents age 60 and older are still providing financial assistance to an adult child. Is there still a need for life insurance protection? Absolutely! And those in supporting parents
- 4. What about adult children who are supporting parents who are 65 or older? Some 15% of people age 40 to 59 are providing this support while still raising a young child or an adult child. For people 60 and older with a living parent, 50% of the parents need help with day-to-day activities. Does the caregiver still need Retirement Insurance Company? What happens if the caregivers are no longer around? Add in medical and long-term care Now let’s talk about the cost of medical care after retirement. According to Fidelity Investments, the average 65-year-old couple will spend $220,000 in 2013 dollars on out-of-pocket medical expenses during retirement. Have you provided for this in your retirement planning? Keep in mind that this does not include the costs for long term.
- 5. Long term care is currently $250 per day in Tampa, Fla. That is $91,250 per year. The average 65-year-old woman will need this care for 3.7 years compared with 2.2 years for men, but I know a number of instances where the person was in a nursing home for 10 years or longer. Have you planned for this? A solution So let’s come back to life insurance—cash value life insurance. It will be there when it is needed most and provides guarantees, versatility and flexibility for changing situations. Cash value life insurance provides security, dignity and peace of mind and solves the risk problem for pennies on the dollar.
- 7. Click to know more on Retirement Insurance Company: https://www.bajajallianz.com/Corp/retirement-plans/retirement-plans.jsp Thank You