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Thoughtful Retirement Planning Leaves Wives More Financially Stable

Thoughtful Retirement Planning Leaves Wives More Financially StableStatistics show that typically, wives outlive their husbands by up to a decade. Sadly, the incidence of poverty for women older than 65 is over 12 percent, considerably more than 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? Here are some ideas:

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 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 good physical and mental 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.

The Dorcey Law Firm, PLC, provides effective retirement planning strategies for Florida residents. Contact our Fort Myers law firm for your free consultation.

Categories: Retirement Planning, Estate Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169
Website: http://www.dorceylaw.com
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