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Shockproofing Your Retirement: Essential Safeguards
Manage episode 484234776 series 3585390
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We explore the unexpected financial shocks that can derail even the most carefully constructed retirement plans and discuss strategies to help prepare for these challenges.
• Healthcare costs average $315,000 for couples throughout retirement, yet most Americans estimate only $75,000
• Medicare has significant gaps requiring additional coverage and costs that increase annually
• 70% of adults who reach age 65 will need long-term care, with annual costs ranging from $47,000 to $131,000
• Traditional long-term care insurance has become problematic, but alternative solutions exist
• Home repairs and aging-in-place modifications can require substantial withdrawals from retirement accounts
• 75% of Americans over 50 want to remain in their current homes, but retrofitting costs range from $3,000 to $50,000+
• Elder fraud and scams are increasingly sophisticated, targeting even financially savvy retirees
• Market volatility, tax changes, and inflation can significantly impact retirement security
• A comprehensive retirement plan should address all these potential financial shocks
Visit masterplanretire.com to schedule a complimentary consultation or call 770-980-9262 to see where your strengths and weaknesses in retirement planning may be.
Have a topic or question you'd like Mark and Evan to address in a future episode? Email us at [email protected] or call 770-980-9262.
https://masterplanretire.com/
Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodes
Listen to Mark Fricks on Saturdays at 8:30 a.m. EST on AM920 WGKA and 12:00 p.m. on XTRA 106.3FM WFOM.
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Advisory services offered through MasterPlan Retirement Consultants, Inc., a Registered Investment Advisor in the state of Georgia. Insurance, tax and commodities services offered through Fricks and Associates, Inc. dba MasterPlan Retirement Consultants. The aforementioned are affiliated companies.
Chapters
1. Is Your Retirement Plan Shockproof? (00:00:00)
2. Healthcare Costs in Retirement (00:10:50)
83 episodes
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