To retire on time, many financial planners can agree; retirees must put aside between 70-80% of a yearly pre-retirement salary. For someone who makes $50,000 a year, that can be around $35,000-$40,000 each year in retirement savings.
However, this amount can seem daunting to many, and some soon-to-be retirees believe this goal is unachievable. Mindee Kissinger, an Investment Advisor Representative for OneDigital Retirement + Wealth, talks to GoBankingRates about some of the most common challenges and how to address them.
In the recent article, “Experts: How to Handle Retirement’s Most Common Financial Challenges,” she shares how retirees can make effective changes toward a better retirement, focusing on healthcare costs associated with retirement and sequence risk and improving financial education through a qualified planner.
Unfortunately, I've seen many times where people in retirement aren’t prepared for how high costs can be. I suggest seeking out quotes for long-term care insurance as soon as possible, as they generally get more expensive the longer you wait. Be sure to get multiple quotes for amounts the policies would pay for monthly care, what facility coverage is provided, as well as understanding the caps on how long the policy would pay those benefits. Most financial planners should have a good understanding of walking you through these options, and/or they will partner with an insurance specialist to assist.
— Mindee Kissinger, Investment Advisor Representative, OneDigital Retirement + Wealth
To read the full GoBankingRates article, click here.
Want to read more from Mindee Kissinger? Check out her recent article: Compounding Interest May Be the Most Important Thing to Learn in Personal Finance.
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