Men may now be living longer than ever, but, from
a location standpoint, retirees are doing anything but staying put.
Women still live longer than men, but the gap
has narrowed, as the lifespan of males has increased consistently over the past
few decades. This means the chances are now greater that a married woman will spend
more time in retirement with her spouse than as a widow.
Retirees are making the most of their time
together by branching out to new territory. It used to be that people up north
braved formidable winters throughout their working lives, then retired to
Florida or Arizona. Now, there are spots all over the country that attract
retirees with affordable living options, in addition to moderate year-round
temperatures.
[CLICK HERE to read the article, “Fewer Retirees are Living
Alone” from U.S. News & World Report, Feb. 19, 2016.]
[CLICK HERE to read the article, “Americans less prepared
for longer lives” from Palo Alto Online, March 4, 2016.]
Wyoming has become a trendy destination for
retirees seeking low taxes, good weather, soothing hot springs and a low crime
rate -- not to mention attracting the grandchildren with trips to Yellowstone
and Grand Teton national parks.
On the other side of the country, retirees over
the age of 60 in Columbia, South Carolina, can take free classes at the
University of South Carolina. Housing is also affordable, costing a retiree
with a paid-off mortgage an average of $367 a month.
[CLICK HERE to read the article, “The 10 Best States for
Retirement” from Fox Business, March 1, 2016.]
That’s not bad, considering the average Social
Security benefit for retired workers was $1,335 per month in 2015. With a well-thought-out
retirement income strategy, you could live comfortably. Having time to enjoy
retirement with a spouse is great, as is the ability to travel the country
together, but couples should still have a contingency retirement income plan
for whichever spouse lives longer.
One study concluded that, despite the smaller
gap between genders, about half of women over age 65 will still spend at least
10 years without a spouse. We make a point of talking about the potential for
this scenario with all of our clients. If you’d like to learn more about retirement
income strategies that may be suitable for you, please give us a call.
[CLICK HERE to read the article, “Social Security Basic
Facts” from Social Security Administration, Oct. 13, 2015.]
[CLICK HERE to read the article, “10 Best Places to Retire
on Social Security Alone” from U.S. News & World Report, Oct. 14, 2014.]
The U.S. Census Department recently released
data showing that for people age 55 and older, housing is their greatest
expense. It’s important to have a plan to reduce this expense once you’re
retired, especially since -- at later ages -- health care expenses are likely
to increase.
Perhaps the most influential factor in
retirement today, and certainly in the future, is our longer life expectancy.
It’s one thing to talk about longevity in statistical terms, but it’s far more
important that we look at this reality up close and personal and create a strategy
for it.
[CLICK HERE to read the article, “A closer look at spending
patterns of older Americans” from U.S. Bureau of Labor Statistics, March 3, 2016.]
We are an independent firm
helping individuals create retirement strategies using a variety of insurance
and investment products to custom suit their needs and objectives.
The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.
If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.
The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.
If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.
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