Balancing today’s responsibilities with tomorrow’s financial commitments is one of the most important challenges retirees face over time. People are living longer and could potentially be dependent on their retirement assets for 30 or more years. With this in mind, it raises a number of questions. How much can you spend each year? How long will your retirement assets last? Are your investments structured in a way to achieve an adequate return while attempting to minimize risk of loss?
Our Financial Advisors help clients address these challenges every day. We can review your financial situation, your cash flow needs, and your comfort with risk to develop a portfolio tailored specifically for you. Over time, we can help you to monitor, rebalance, reallocate or restructure your account as your needs change or as market conditions change.
Other issues, such as medical care, are important as well. According to research from John Hancock on 2013, the average yearly cost of a private room in a care facility is topping $94,000 per year. Additionally, according to a study printed in the Wall Street Journal, 44% of man and 58% of women over the age of 65 will spend some time in a care facility. Is there anything you can do to defray some of these potential costs? There are options including investing in long term care insurance. Purchasing long term care insurance is a tough decision because you never really know for sure if you would ever need it. This is a complicated decision and our representatives can help you evaluate the pros and cons of this type of insurance.