Retirement Planning For Elders

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Published by Christina Hester Snyder, Associate Partner, and Wealth Advisor

 

If you have successfully planned, saved, and prepared throughout your career to ready yourself for retirement, then you have done well. Setting yourself up for success was wise, and you should feel great about yourself!

Whether you are in retirement already or will be soon, the last thing you want to do is become careless with the stockpile you’ve worked so hard to gather over the years. It is more important than ever to be diligent and to carefully continue to plan for success as you navigate through retirement.

The best way to pursue success is to work with a team of professionals. When you have a sound plan as a foundation, bolstered by the experience of industry professionals, you will find yourself prepared for the inevitable hazards.

Protect Your Health And Wealth

Over the course of retirement, you will quickly discover that there is a correlation between your health and your wealth. If you don’t have a well-rounded collection of tools to manage your health well and your health fails, then your wealth will probably go with it.

There are a lot of areas surrounding health where things can go very badly very quickly if you aren’t properly prepared. Establishing appropriate health insurance, including navigating Medicaid supplemental insurance and long-term healthcare, is imperative.

The last thing you want when you have a health crisis is to find out that you have a gap in your insurance coverage. Having your insurance coverage carefully evaluated by a professional will give you confidence that you’re free of any blind spots.

 

Assess Your Financial Situation

One common mistake is to go too long between evaluations of your retirement investment portfolio. The market has fluctuations, and if they are severe, your financial plan may need to fluctuate as well to protect the longevity of your wealth.

The reality is that your financial situation should be assessed more than just at the starting gate of retirement. Financial reassessment should be at least an annual ritual. You need a financial advisor to explain your current situation in a way you understand and explain your various options in detail so that you can make confident and educated decisions going forward.

Don’t just let it ride and hope for the best! Return regularly to your financial advisor to evaluate and steer your resources in the direction you want them to go.

 

Be Aware Of Financial Scams And Exploitations

The call from the IRS disturbed Robert deeply. He had always paid his taxes on time and never had a problem before. Now Robert was being told that he had underpaid by almost $18,000, and a sheriff’s deputy would be coming to his house if he didn’t settle up over the phone immediately!

What Robert didn’t realize is that this wasn’t the IRS; it was a well-conceived scam designed to intimidate and rip off unsuspecting retirees.

Unfortunately, scams and exploitations like this are becoming more common and more cunning every day. Medicare scams, phishing scams, funeral scams, and even scams impersonating grandchildren have been used to take advantage of the well-meaning.

Even the savviest person might be taken advantage of at some point, so it is critical to be educated and prepared. Having a risk management professional on your side before a con man comes calling is essential to help protect your future.

 

We’re Here For You

Don’t make the mistake of going about retirement planning alone. Today is the day to get your team of professionals working with you to plan and help protect your retirement years.

We at Jacob William Advisory invite you to sit down with one of our world-class advisors to walk through your comprehensive retirement plan as soon as possible. Schedule an appointment today by calling 410-821-6724 or emailing info@jacobwilliam.com.

 

About Christina Hester Snyder

Christina is an associate partner and wealth advisor at Jacob William Advisory with a storied 20-plus year career in financial services. Christina is known for her commitment to her clients and is dedicated to helping them alleviate their financial fears through education and planning that goes far beyond investments. She believes in a comprehensive approach that addresses all facets of planning, including wealth transfer, insurance, taxes, investments, estate and trust planning, retirement, risk management, and business planning. Christina graduated from the University of Baltimore with a Bachelor of Science in Business with an emphasis in international business. She also holds many professional designations, including CERTIFIED FINANCIAL PLANNER™ (CFP®), Chartered Financial Consultant® (ChFC®), Retirement Income Certified Professional® (RIPC®), and Certified IRA Services Professional (CISP™). She is an active member of her community and is involved in many professional and nonprofit groups, including acting as the president of the Maryland chapter of Women in Insurance & Financial Services and serving on the board of a nonprofit that helps Maryland families with financial hardships. To learn more about Christina, please click here.

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