Thoughtful Retirement Planning Leaves Wives More Financially Stable

4:20 pm Asset Protection, Retirement Planning

retirement couple hugging 150x150 Thoughtful Retirement Planning Leaves Wives More Financially StableStatistics show that wives outlive their husbands by up to a decade.  Sadly, the incidence of poverty for women older than 65 is over 13 percent, more than double the rate for men within the same age group.

The key reason is that most of the couples’ financial resources will likely be spent during the last few years of the husband’s life on healthcare costs as well as long-term care.

What do you do?  Follow this advice:

Ascertain how much you will need to save for retirement in order to produce a dependable life-long income.

The person who has the larger salary history (generally the husband) will be able to maximize their Social Security benefits by not taking them until age 70 or beyond.

Plan for your 401(k) accounts and retirement savings to last until both of you are gone.

Have a good system for dealing with long-term health care expenses.

If one of you has a considerable benefit from a pension plan and you have a choice to elect a joint and survivor annuity, take it — the majority of retired people outlive a lump sum payment.

Attempt to keep in top shape through employing healthy and balanced habits.

Make an effort to retire without having lots of debt – specifically, try to pay off your mortgage loan prior to retirement.

To make the most of your retirement planning, contact our Orange County law firm.

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