Retirement Curveballs
If retirement is on your mind, you’ve learned the lesson by now that things don’t always go the way you would like them to. Unfortunately, your retirement years will be no different. Whether a crisis arises in your personal life or in the external world around you, certain events can wreak havoc on your retirement plan if you are not prepared.
Early Retirement
Finding a job that is comparable in position and pay to previous jobs, over the age of 50, becomes increasingly difficult. Many Americans plan on retiring later in life, closer to and beyond 70, but only 7% of those surveyed by the Employee Benefit Research Institute actually ended up working up until the age of 70. [1] It’s important to know where your income would come from if you were to unexpectedly lose your paycheck and have to consider an early retirement.
Health Emergency
Retirements often begin earlier than anticipated due to health issues on the part of a household’s main or co-earner. Planning for a potential loss of income and influx of medical bills is an important part of every retirement plan. The average 65-year-old couple will need around $295,000 to cover their remaining healthcare costs, not including potential long-term care/assisted living costs. [2] The median annual cost of which being $105,850 in 2020 for a private bedroom in a nursing home. [3]
Market Volatility and Inflation
When markets are rapidly rising and falling while prices on just about everything around you seem to be just rising, it can become worrisome for the future of your investments and their ability to provide for you and those you love for the years to come.
Having a comprehensive financial plan in place that addresses all of your concerns/questions regarding the health of your retirement and ability to enjoy the years to come is crucial to the opportunity for peace of mind headed into and throughout your next chapter.
To schedule a complimentary financial review with Moore’s Wealth Management, click here or call our office at 770-535-5000, where a staff-member is awaiting your call Monday through Friday, 9AM to 5PM.
This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.
