Life expectancy has steadily increased, which is a great thing with some unfortunate consequences. Seniors must now plan to live longer and incur more medical costs alongside inflation. It may seem crazy to call living a long and healthy life a risk, but more seniors are running out of funds before the end of their lives. Here’s how a financial planner in Costa Mesa, CA, can help ensure you have more than enough money for retirement.
Plan a Budget
Even if you already have a budget, a professional can uncover ways you may be unexpectedly wasting your money. This strategy also gives the financial planner in Costa Mesa, CA, a chance to look over where you’re allocating your current savings so they can advise you on optimal accounts for retirement.
Minimize Risk
Taking risks in your investments is fine when you’re young and have time to recuperate any losses. However, as you age, you should begin minimizing the risks you take. Financial planners can direct you to less risky accounts and advise you on the best way to move your money around without taking major tax hits.
Plan for Healthcare Expenses
Because of medical intervention, many people are living beyond their expected lifetime. Medical costs can quickly eat away at your savings, even when they’re covered by Medicare. You should have specific healthcare savings accounts to cover medical expenses and long-term care.
Maximize Social Security Benefits
The longer you wait, the higher your Social Security payout can be. Although Social Security is widely available, the amount paid out isn’t the same for everyone. A professional can ensure you’re receiving the maximum payout possible.
Prepare for retirement by visiting Check Capital Management for excellent financial planners in Costa Mesa, CA!
