Because Americans are living longer and healthier lives than ever before, properly planning for retirement has become especially important. Many aging individuals desire to remain independent during retirement years, preferring to live on their own and have the financial means to support themselves. However, without proper retirement planning, these individuals may have to rely on their adult children to provide elder care and services.
While aging individuals do not wish to be a financial burden to their families, lack of adequate retirement savings could create exactly the type of situation many older adults try to avoid. Retirement planning is most effective when undertaken by middle age, but many times individuals fail to implement retirement plans until much later in life. Even if an individual is near retirement age, it is not too late to set retirement planning in motion.
Retirement living costs money regardless of whether you live at home or in a retirement community. Basic expenses such as food, clothing, prescription medications, medical services, and housing costs must all be considered. Retirement living communities consist of: active adult communities, assisted living communities, independent living communities, Alzheimer’s care facilities, nursing care facilities, and continuing care retirement communities.
Continuing care retirement communities (CCRC) may be an excellent option for you as you age, since they provide a spectrum of retirement living options. As the your needs change, you can move between services, and CCRCs provide services and living arrangements ranging from independent living to assisted living to nursing home care.
A retirement planning calculator can help you determine you current financial status and translate that into future retirement savings. Retirement calculators can assist you in determining the best investment strategies based on the your current income and savings and can show you how a savings program can prepare an you for retirement.
Retirement planning calculators take into consideration your current age, expected retirement age, life expectancy, current income, retirement savings, average return on investments before retirement, anticipated return on investments after retirement, and Social Security benefits among other factors. Using this information, retirement calculators can help an you determine how much savings will be available at retirement age, when your savings will run out, and how much debt the you may leave behind. It is also important to consult with a financial advisor who can assist with important information, visit www.iamllc.biz.
If you are striving for financial security during retirement, while optimizing your investments and protecting your assets and income, you can find advice and guidance at www.kenhimmler.com.
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