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A process of designing and following a strategy that will provide a lifelong income for the retiree.
The five-step retirement plan process
The discovery process: define goals and objectives
Gather data and develop a retirement income plan
Analyze the data and set the strategy
Implement the plan
Monitor and update the plan
The average American needs between 75% and 85% of their pre-retirement income, based on assumptions that spending declines in retirement.
Sources of retirement income
Systematic withdrawals from accumulated savings and investment earnings
Life annuity income from pension plans or insurance company products
Other income, including rental real estate, insurance products
IRAs have become the #1 retirement asset
Types of Individual Retirement Arrangements
-$5,500 if under age 50
-$6,500 if ago 50+
-Generally, April 15 of following tax year
Role of Annuities
Provides a guaranteed stream of income.
-The only financial investment product that combines both an accumulation phase and distribution phase in one investment product
Shift the market risk and longevity risk to the insurance company
LTC in retirement
LTC is the most overlooked source of retirement healthcare expenses
-Home Health Aide up to $45,760 annually
-Adult Day Care up to $31,289 annually
-Assisted Living Facility up to $68,430
Federal law defines "long-term" to mean care provided for 90 days or more
-70% of consumers over the age of 65 will need some type of LTSS at some point in their life
Medicare and Medigap plans don't cover most expenses for custodial LTC