RETIREMENT - Hercules CU...S MISTAKES TO AVOID MAKING NOW you don'thave retirement...
Transcript of RETIREMENT - Hercules CU...S MISTAKES TO AVOID MAKING NOW you don'thave retirement...
RETIREMENT:S MISTAKES TO AVOID
MAKING NOW
you don'thave retirement
onyourradar,you'tc going
to speedthroughlife and
runriglitinto it.
YOUR LIFE
NEEDS A ROADMAP.
THAT'SWHERE WE
COME IN.Planning for your retireincnt can bc ovcrwliclming ancl
probably a little bit scary. We get it. But tlus is what we do,
aiid we'd like to tliink were pretty good at it. We've lielped
otliers just lilce you plan for exciting, fulfilling f'utures, and
we want to do tlie same for you.
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0 W N Y O U R RE l' IRE M E N T S M IST A K ES T 0 AV OID M A KIN G N O W
'Ilirougli tlie years, we ve identified five common mistakes people
make before tliey liit retirement. Do any of tliese sorind familiar?
K 1. You don't have a fully mapped out
retirement strategy.
Or, maybeyou do, tiutyou haven't updated itin the past fiveyears.
You I<now the old sa)iiitg: If>aou don't know where you're goi+ig,
liowwi)lyouknowwhen)iougetthere? Haviiiga sti'ategyinplace
helpsyoukiiowwliereyouaregoiiig,an%ven therateofchangeiiitliigs like personal income aiid e.xpenses aiid fluaiaf'ng market
conditions, you sliould review aiid if necess.u'y; update your
retireinentincomestrategyatleasteverythreeyears.
g 2. You're living beyond your means,
leaving little to nothing left over for when your
paychecks stop.
A key to good retirement income plai'+ning is liaving a budget
aiid sticl<ing to it.
K 3. You are under the impression you will
be healthy Torever - and therefore may be
gnoring the cost of health care in retirement.
Or, at tlie very least, youare underestunating wliat tliose costs
might l'ie. Itas estimated tliat a 65-year-old manied couple that
retired in 2014 viill need aliout $220,000 f'or l'iealth c.ire costs
in retiremeitt.'
K 4. You aren't saving enough to account
for inflation.
Tlie sialue of tlie clollar is constantly cliaiiging - but you
probatily already kiiow tliat from yoiir weekly trips to tlie
grocerystore. aI1iatneedstoLiefactoredtnwhenplanningyour
financial fiiture.
K 5. You haven't planned for the
possibility of long-term care.
It's estimated 70 liercent of those over 65 will requirelo+ig-temi care at some pciint in tlieir lives,' and tlie average
cost of'a private nursiiig hi'ime roo+n is n'iore tl'ian $77,000
ayear:i
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Ifyou identified witli one or i'nore of these, )ioure probably
not alone: The good news is, we can lielp. T)iese.ue tlie kinds
of tliings we lielp people witli every single day. That's not to
sayyourlife is similar to everyone else's - tiecause it's not -
but it's unportant to l<nowyou arcn't alone.
'Lfyou're looking for a cookie-cutter retirement strateg)i, you
won't find tliat here. We take pride in treating all odour clients
as individuals. So, take tlie first step. Once you realize tlie
necessity for a lifelong retireinent mcoine strategy', we will
gladly sit dow+i witli you to start creatingyour roadmap.
anie first step toward a hapliy retirement is to start tliinkingabout it now Ma)ibc the age at wl'iicli you plan to retire is far
away, or maybe it's closer tli.ui you want to acimit. It doesn't
matter. The fact is: People are livii'ig longer tl'ian ever bef'ore,
wlucli ineans tlieir savings need to last longer than ever - at
least 20, 30 or possibly even 40 years. Saving t'or retirement
arJ planning for retirement income should Lie liigh priorities.
Don't overlook these common retirement mistakes. Let us lielp you
prepare for a confident retirement.
' Lenny Bernstein. The Washington Post. {'v[.irch 31, 2014. 'aGuess how i'iiucli you need to save Ear lie.ilth c.lre in retiiemenl? Wrong. It's n'iucl'i inore'
http'//wtivwwai;hingtonpostccim.'news;to-your-liealkh,!wp/20l4t'03/ 31zguess-1iciw-much-you-needio-s.nie-16r-he.ilth-c.ne-ii'i-ietireinent-wrcing-its-
much-inore" Accessed Ailarch27, 2015
" u.s. Dtparkinent o(Health.uid }Iuman Services 'a allie Basics." l'ittp:/.'longterincare gov;tlie-b.isics' Accessed M.'ircli 27. 2015
'Genworth Marcli25.20H -Genworth20l4CostofCareSurvey"Page 18 li!tpii /;wwwgci'iwortlicc'iini"cosk-of-care/Iandinglitml
Accessed Marcli 27, 2015.
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