The Challenges of a Lengthy Retirement

Content developed by CUNA Brokerage Services, provided by Gary Dunn

Everyone hopes their retirement is healthy and happy and lasts as long as possible. The rapid paces of medical innovations plus healthier lifestyles have led to longer and healthier retirements than ever before. But a lengthy retirement is a double-edged sword that brings both rewards and challenges. Here are some of the issues you need to think about.

Outliving your money

For someone who retires at age 65, then goes on to live another 30 years to age 95, having enough money to last throughout those years can be a challenge. Social Security will pay you a monthly check as long as you live, but… not a very big check.

Most everyone will need to supplement Social Security with withdrawals from their savings and investments. This can be a tricky adventure without proper planning. It may make sense to work with a financial advisor who specializes in retirement spend-down strategies.

Funding Good Health Care

Medicare health insurance kicks in at age 65, even if you claim Social Security early at age 62. Medicare is a good insurance program, but it does not cover everything. Plus there are deductibles and co-pays. One potential solution is to purchase a supplemental insurance policy that can help cover these expenses.

Caring for Yourself

Another factor in living to a ripe old age is facing the possibility that you may not be able to care for yourself at some point. The simple tasks of daily living can become too much for many people. Arranging for the care you may need in the future usually includes some long-term care insurance and/or planning.

Opportunities and Challenges

While we all hope for long and healthy "golden years", it is important to realize that our increased longevity presents a new set of challenges. To make sure you are prepared for the opportunities and challenges of a long retirement, work with a financial advisor who understands the full impact.

Gary Dunn is a Financial Advisor with Robins Investment and Retirement Services located at Robins Federal Credit Union. If you have any questions, or would like to provide feedback, regarding the information presented in this article, you may contact Gary Dunn at 478-923-3773 ext. 2921.

Representative is not a tax advisor or legal expert. For information regarding specific tax situations, please contact a tax professional. For legal advice, consult an attorney.

Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.

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