How to plan for a dignified retirement

Viewpoints


by Michael Cocco, CFP®, AXA Advisors

We may not all have the same expectations of retirement or plan to spend our golden years in the exact same way. But one thing we can agree on is the importance of maintaining healthy self-respect as we age. To ensure that this will be the case, we should all plan ahead – physically, emotionally and financially. So here are some retirement matters over which it’s never too soon to ponder.

Figure out where you’ll live

While you may assume for now that you would be most comfortable remaining in your current home, it would probably be wise to also consider alternatives. The house in which you raised your family or spent many happy decades may summon up cherished memories – but it may also require climbing stairs or navigating an abundance of space, one or both of which could pose physical challenges as you get older. So consider the following questions to help you prepare:

• How will you take care of your home and yourself as you become less mobile?
• How long will you be able to drive? When you can no longer drive, how will you get outside your home to socialize and shop for the things you need?
• How much living space is enough for you (and your spouse or partner)? Will you have children or grandchildren coming to stay with you?
• If you’d like to move to a retirement or assisted living community, how much will it cost?

Plan for lifetime income

Having enough savings is obviously one of the most essential ways to ensure a dignified retirement. So save as much as you can, starting as early as possible, and plan accordingly for the amount of income you think you’ll need. One of our Retirement Program Specialists can help you estimate your expenses in retirement and show you ways to generate income from your retirement assets. You may also want to consider these questions:

• How will you ensure that your savings will last for as long as you live?
• When will you start taking Social Security benefits?
• How confident are you that your savings will enable you to maintain your current standard of living once you retire?

Make sure you’ll receive all necessary medical care in your future

Your medical care in retirement will probably qualify as one of your largest expenses during that period of your life, depending, of course, on the state of your health and your longevity. Therefore, it may make most sense to start considering your options now to make sure you can afford the necessary amount of coverage in your later years.

Here’s a sobering statistic: Nearly 70 percent of people over the age of 65 will need long-term care at some point in their lives.1 In other words, seven out of ten retirees will need help at some point with such everyday basics as bathing, dressing and eating. Lacking the type of high-quality personal care and assistance that we all deserve when it comes to such necessities can make the preservation of one’s dignity and quality of life in retirement a challenge.

Want to discuss these matters with a financial professional?

Contact one of our Retirement Program Specialists so they can work with you to review your specific life circumstances and help devise a strategy to ensure that your retirement years are lived with the dignity and self-respect you deserve.

Please be advised that this document is not intended as legal or tax advice. Accordingly, any tax information provided by this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor. AXA Advisors, LLC and AXA Network, LLC do not provide tax or legal advice.


Michael Cocco is a certified financial planner with AXA Advisors in Nutley. He may be reached at  moc.s1505956570rosiv1505956570da-ax1505956570a@occ1505956570oc.le1505956570ahcim1505956570 or (973) 667-8650.

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Please be advised that this document is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor. AXA Advisors, LLC and AXA Network, LLC do not provide tax advice or legal advice.