Key Components of a Retirement Plan

Living a long life could well be in your future and planning for it is a necessity. Have you thought about the consequences to loved ones if you should become frail or have a cognitive impairment and need care over a period of years?

Having a plan is important to:
1) Maintain your independence for as long as possible without compromising the emotional and physical well being of those you love.

2) Preserve your retirement portfolio so it can be used for income.

3) Ensure that your family knows your wishes and is prepared to support you.
You depend on income during retirement years to provide financial stability and support your lifestyle. When you need care and your portfolio is reallocated to pay for it, it impacts your financial commitments, the financial viability of your spouse, and your children who depend on your legacy. If you ever do need care, your
family’s life is dramatically changed without a plan.

Key components of a plan include:
1) Legal Review – Work with your attorney to review and update wills, living wills, trusts, durable power of attorney, health care power of attorney and other legal documents. Even if you already have these documents, it is important to review them on a regular basis.

2) Preparing Your Home – Make sure your home is handicap friendly/accessible. This includes bright lighting, a shower chair, 36” doorways, bars in tubs and showers, first floor laundry and bath, a security system and other accommodations to help you stay in your home safely.

3) Communicating Your Plan – Communicate with loved ones about the location of important documents and accounts, any health concerns you have and what your plan is for care. Have extra keys made for someone you trust.

4) Documenting Financial Information – Organize financial information by making a list of accounts and important advisors. Share this information with a spouse and other family members.

5) Reviewing Insurance and Investments – Make appointments with your trusted advisors to review your insurance and investments. Identify the person who will monitor them if you can’t.

6) Protecting Your Retirement Income – Protect your retirement income from being reallocated to pay for care by determining if long term care coverage works for you. People purchase long term care insurance, not because they expect to need care, but to mitigate the consequences if they do.

Protect your family and yourself by planning for living a long life. It is a necessity, not a choice. For help with your long life plan, contact Lucy Grosz at 614-889-0934 or