April 8, 2020

Health care costs are cutting into retirement preparations

You may have seen this statistic before or one resembling it: the average 65-year-old retiring couple can now expect to pay more than $250,000 in health care expenses during the rest of their lives.

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>> The major retirement planning mistakes Why are they made again and again? >> Annual financial to-do list >> Retirement planning weak spots; they are all too common >> The SECURE Act >> Adjusting your portfolio as you age >> When is Social Security income taxable? >> Debunking a few retirement myths >> Retirees, check your withholding >> Underappreciated options for building retirement savings >> Social Security gets its big boost >> No, that is not the I.R.S. calling >> Is Gen X preparing adequately for retirement >> Tax scams and schemes >> Diversification, patience and consistency >> Signs of elder abuse >> The high cost of health care >> TOD or living trust? >> Coping with an inheritance >> Three key questions to answer before taking Social Security >> The financial realities of longevity >> Systematic withdrawal strategies >> Managing risk in your portfolio >> Will you avoid these estate planning mistakes? >> Cybersecurity for the at home customer >> Fixed index annuities >> Getting a head start on college savings >> New I.R.S. contribution limits >> The different types of IRAs >> Annuities for retirement income >> Annuities for retirement income What prospective annuity holders should consider >> Build your rainy day fund >> Details people should know about Medicare >> Five retirement concerns too often overlooked >> Investing means tolerating some risk >> Your diversified portfolio vs. S&P 500 >> Making a charitable gift from your IRA >> Smart financial moves in your 20s, 30s, 40s and 50s >> Unrealized loss and gain What they are; why they matter. >> Making investment decisions >> Do your investments match your risk tolerance? >> Helping your parents manage financial tasks >> Taking charge of your financial life >> Roth IRA conversions What are your options? >> Major risks to family wealth >> The gift tax Not all gifts are taxable. >> Rebalancing your portfolio >> Reducing the risk of outliving your money >> That first RMD from your IRA. What you need to know >> Tax efficiency What it means; why it counts >> Your changing definition of risk in retirement >> 2019 IRA deadlines are approaching >> Retirement plans for individuals & businesses >> A retirement fact sheet >> Annual financial to-do list Things you can do for your future as the year unfolds. >> College funding options >> Ways to ease college costs >> Turn your intent into a commitment, set goals as you save and invest >> Managing money well as a couple >> Preparing to retire single >> Tax efficiency in retirement >> Set goals as you save and invest >> Could assumptions harm your retirement strategy? >> A retirement gender gap for women >> Bad money habits to break >> Have you budgeted for retirement? >> Saving your elderly parents from financial fraud >> Mutual Funds vs. ETFs; similarities and differences. >> What should you keep? >> Long-term investing truths: Key lessons for retirement savers >> Where will your retirement money come from? >> Retiring in the next 5 years? >> Catching up on retirement saving >> Money tips for newlyweds >> Retirement and adult children >> The retirement mind game >> Tax considerations for retirees >> Smart moves for new parents >> When you retire without enough >> ABLE accounts for disabled >> When a family member dies >> An executor checklist >> The retirement we imagine, the retirement we live >> Steps to catchup if you are behind on your retirement savings? >> Your financial co-pilot >> Yes, young growing families can save and invest >> Why don’t all affluent people become wealthy? >> Beneficial moves for every age >> Keep calm, stay on plan

The major retirement planning mistakes Why are they made again and again?

Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations and charities. Aside from these blunders, some classic financial missteps plague retirees.    

Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we plan for and enter retirement.   

Annual financial to-do list

Things you can do for your future as the year unfolds. 

What financial, business, or life priorities do you need to address for the coming year? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes. You have plenty of choices. Here are a few ideas to consider: