Retirement: Not a Destination, A Journey
LIMRA's marketFacts Quarterly (07/01) Vol. 20, No. 1 p.66; Jamison, Kent

Retirement planning is a methodical process that requires being knowledgeable about the options available and making preparations. When planning, retirees usually consider nursing home costs, and some even purchase long-term care (LTC) insurance to cover expenses for illnesses that may arise. Account inflation, asset allocation, and risk tolerance are often taken into account as well. However, many retirees make the mistake of not factoring in both the long-term effects of inflation and their life expectancy. Another area often neglected is taxes. In short, for retirees, knowing how to plan requires an objective understanding of their economic outlook and a subjective understanding of what is important to them. They must be aware of issues like increasing life expectancy, post-retirement planning, the benefits of annuitizing, and LTC products.


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