This month’s podcast got us thinking about how we can best advise our clients to prepare for what they don’t know might be coming down the road. While we don’t have a crystal ball, the Robin S. Weingast & Associates team has the next best thing: knowledge and know-how. This month we’ve been catching up with the latest news on some typical events that may throw even the most careful planners for a loop.
This piece from Kiplingers outlines some of the more common issues that may pop up unexpectedly, including the often unconsidered aspects of longer life spans, tax concerns, gaps in healthcare coverage, social security uncertainty, and the best ways to draw from our retirement income sources.
The Motley Fool brings up topics most of us likely aren’t thinking about when we consider the future. While most of us imagine a retirement filled with travel, new hobbies, and relaxation, we are likely not considering how to make sure we know what kind of financial situation those pursuits require.
But beyond budgeting for the “fun” side of retirement, what catches many people off guard is their failure to plan for the logistical costs associated with retirement. Healthcare is a big one, and one that everyone must consider carefully. Another often undiscussed area is how where you will live affects the retirement savings you need. Will you move to be close to your children or family? If so, how does cost of living differ from where you are now, and where will you live? Do you plan to move to an assisted living facility? Costs are high, so it’s vital to have your options discussed well in advance. If you would rather stay in your home, what adjustments might you need to make so that your home is more suitable to your lifestyle when you are older?
While no one can predict every single thing that will happen to them in life, the best way to prepare for the unexpected is to simply prepare. Taking the time to think about every angle of your retirement will save you time and money in the future.
We know it can be daunting to consider the future by yourself. That’s why the Robin S. Weingast & Associates team is here to help. Our job is to make sure your financial plans are in place so that the unexpected events don’t throw you off track. Contact us today to find out how we can help.