<\/p>\n\n\n\n
1 \u2013 Assuming retirement\nwill last 10-15 years. <\/strong><\/p>\n\n\n\n When Social Security was\ncreated in the 1930s, the average American could anticipate living to age 58 as\na man or 62 as a woman. By 2014, life expectancy for the average American had\nincreased to 78.6. That said, an average like that may mean that many retirees\ncould live well into their nineties or beyond.<\/p>\n\n\n\n Assuming you will only need\n10- or 15-years\u2019 worth of retirement money could be a big mistake.<\/p>\n\n\n\n 2 \u2013 Assuming too little\nrisk. <\/strong><\/p>\n\n\n\n Holding onto your retirement\nmoney is certainly important, but so is your retirement income and quality of\nlife. While overall inflation has been below 3% for most of the past 10 years,\nyour personal inflation rate may be higher. In that situation, your dollar\ngradually buys less and less. If your income doesn\u2019t keep up with inflation \u2013\nessentially, you end up living on yesterday\u2019s money. <\/p>\n\n\n\n For this reason, a flexible\nretirement strategy will likely factor in many situations and scenarios; you\ncannot plan for every single scenario, but considering many possibilities may\ngive you and your financial professional numerous options down the road.<\/p>\n\n\n\n 3 \u2013 Assuming you will be in excellent health. <\/strong><\/p>\n\n\n\n While it\u2019s true that we lead healthier lives than our ancestors and that medical science and awareness of fitness and nutrition have improved and extended many American lives, that improvement doesn\u2019t cover every issue that comes with advanced age. Extended-care issues can sap away retirement funds. <\/p>\n\n\n\n Recent findings by the U.S.\nDepartment of Health and Human Services offer some perspective: over a quarter\nof all people who have turned 65 between 2015-2019 are probably going to need\n$100,000 of extended care, while 15% of that same group is looking at $250,000.<\/p>\n\n\n\n For these reasons, a retirement strategy should include some thinking about paying for extended care of this sort. Yes, Medicare can help you with the basics, but an insurance strategy that can accommodate longer hospital stays and long term care should also be a part of your thinking. <\/p>\n\n\n\n Remember that good strategies also change over time, and you will probably want some help along the way. Make time to discuss these common assumptions, and how to avoid them, with your retirement professional. <\/p>\n","protected":false},"excerpt":{"rendered":" 1 \u2013 Assuming retirement will last 10-15 years. When Social Security was created in the 1930s, the average American could anticipate living to age 58 as a man or 62 as a woman. By 2014, life expectancy for the average […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-5629","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/5629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=5629"}],"version-history":[{"count":0,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/5629\/revisions"}],"wp:attachment":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=5629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=5629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=5629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}