Retirement Income Planning

Everyone wants to live a long, healthy life. That’s a great thing, but it’s imperative for your money to last for the 30 or more years you may spend in retirement.

It generally only covers about two-thirds of the cost of health care services. In addition, premiums and out-of-pocket expenses apply. If you retire before age 65, you’ll need to obtain private health care insurance or continue coverage through an employer’s health
care plan under COBRA.

Currently, Social Security replaces about 38% of pre-retirement earnings for the average earner. But this may change:
In 2020, the Social Security Administration will begin paying more in benefits than it collects in taxes.

When employed, pay raises typically cover the cost of inflation. But in retirement, inflation poses a bigger threat when you're without a regular paycheck.

Consider how much risk you’re willing to take on to meet your personal goals and continue to grow
your nest egg. Spreading retirement savings across a range of investments can help reduce the impact
of investment risk.

Review wills, trusts, and beneficiaries. Be sure to review them on a regular basis to make sure your wishes haven’t changed.