Call (310) 245-0332 to speak with a licensed insurance agent.

Call (310) 245-0332 to speak with a licensed insurance agent.

4 Ways to Avoid Financial Problems in Retirement

Posted by Janice Wood, April 21, 2018

Retirement planning involves quite a bit of expert analysis and guidance, mixed with a bit of luck and fortune telling. It’s true that none of us know exactly how things will go once we retire, and sometimes we must simply make an educated guess. However, there are some things that we know to increase your chances of retiring comfortably, and remaining comfortable, such as…

Know what to expect. A long, healthy life is a good thing, but longevity can certainly strain your retirement budget. Many people these days are living to age 90 or beyond, so make sure your financial plan accommodates a long retirement.

Avoid debt. In most cases, the best plan is to pay off debts before you stop working. Revolving debts like credit cards are of particular concern. But of course, entering retirement debt-free (or at least with very low debt) is only half of the battle. Avoid taking on new debts as well; this might mean saying no to the kids and grandkids who need you to cosign for a loan. And you should definitely keep some liquid assets in a savings account just in case of unexpected expenses.

Beware of scams. Due to your trusting nature and desire for more long-term income, scammers might view you as the perfect target. Remember that you can’t win contests that you didn’t enter, the IRS won’t call and ask for personal information over the phone, and you can’t trust every email you read. When in doubt, delete the email, hang up the phone, or don’t answer the door. Con artists use a variety of techniques, and they’re everywhere. Be suspicious of anyone asking for money or personal information.

Avoid excessive medical bills. According to the Kaiser Family Foundation, about 30 percent of American households experienced trouble paying medical bills in the past year. Since healthcare costs tend to increase with age, this issue is of particular concern to retirees. The average retired couple will spend about 275,000 dollars on healthcare throughout their later years.

So, to manage these expenses, budget carefully to cover copayments and deductibles. Since Medicare won’t cover all medical expenses, give us a call to discuss insurance options that can keep your bills manageable.

Need more information?

Contact us online to learn more

Contact Us

Close Accessibility Tools
Accessibility Controls Reset
Content Adjustments
Font Size

Default

Line Height

Default

Content Scaling

Default

Highlight Titles
Highlight Links
Highlight Forms
Align Left
Align Center
Align Right
Focus Mode
Color Adjustments
Desaturate
Monochrome
Contrast

Default

Saturation

Default

Accessibility Statement

Despite our attempts to make this website accessible for everyone, there may still be some pages or sections that are not completely accessible, are in the process of becoming accessible, or do not have a suitable technological solution to make them accessible. Nevertheless, we are always striving to enhance our accessibility by adding, updating, improving its options and features, and incorporating new technologies.

We want to provide our users with the best experience possible, so we strive to support as many browsers and assistive technologies as possible.

If you wish to contact this website's owner, please use the contact form on the website.

Our User Interface Adjustment Options

Font adjustments - With this tool, users can modify font size, style, letter spacing, and line height for improved alignment and readability.

Color adjustments - Users can customize their color contrast profiles to light, dark, desaturated, and monochrome.

Content highlighting - Users can prioritize key elements such as links, forms, and titles.

Content focus - Users can enable focus mode to highlight the current page information based on their mouse movement.

Close