Photo Credit: Flickr/sima dimitric
One of the defining characteristics of the Baby Boomer generation is longevity.
Those born between 1946 and 1964 are steadily reaching retirement age feeling confident they have many more years of life ahead of them. However, many of these folks are not so confident about the strategy they have in place to make the most out of their retirement years.
In order to successfully improve the odds of not just living longer, but also living happier, it is important to consider the challenges facing Boomers, or anyone for that matter, as their retirement looms in front of them. First and foremost, it is imperative that they tackle the most critical matter in retirement planning—financial security. The necessary first step in doing so is to reach out to a financial adviser who will consider the full scope of one’s retirement income needs and develop a financial plan with clear steps and objectives.
The rising costs of health care and the uncertainty about the future of Medicare and Social Security are two main reasons why people need to consider resourceful options and seek out long-term solutions in order to protect themselves from potentially spiraling medical expenditures. Purchasing long-term care insurance and/or opening a health savings account (HSA) are two solutions that may help reduce health care expenses in the future.
Having a clear picture of finances may yield the peace of mind needed to successfully address deeper dilemmas that come with transitioning to a meaningful retirement. In spite of looming challenges, it is possible to devise a strategy that will unlock one’s potential for a peaceful and rewarding retirement.
Michael Canet is a Registered Representative with TCM Securities, Inc. and can offer securities through TCM Securities, Inc., Member FINRA/SIPC.