5 Tips Can Ease Pre-Retirement Money, Health Woes

Worried about your money and your health in retirement?

You’re not alone.

Investment and money-planning expert Derrick Kinney says people should set goals, create a plan and follow it.

Kinney tells Newsradio 740 KTRH that people may also want to consider rehearsing life on a “retirement budget” for a few months, to see what it’s like – and think about getting a long-term care plan that goes beyond a Medicare supplemental plan and is meant to cover the possible need to be in a nursing home or other care facility.

Also, USA Today offers five tips on steps you can take now if you’re worried about your nest egg or your well-being in retirement.

The newspaper suggests:

--Catch up if you haven’t saved enough. “If you have such worries, estimate how much income your nest egg will generate in retirement,” the newspaper reports. “Do this by estimating how many years your money would last if you withdrew 4 percent a year for 30 years.”

--Rethink spending. “Compare all income sources in retirement to all expenses to determine if there is an expected surplus or deficit at various stages of retirement,” the paper recommends. “If there are shortfalls, go back to the drawing board: Reduce expenses, retire later and save more.

--Discuss long-term care. “Talk also to a trusted health care broker who, often helps cut through all the options of Medicare and drug plans and can home in on what they should do, based on their preferences and needs,” the paper says.

--Have an investment plan – “one that details retirement income goals and tolerance for risk, will go a long way toward calming their nerves about what the market may do in the short term and redirect them to a long-term mind-set,” according to USA Today.

--Plan for cognitive decline. “Put in place documents and plans in case you experience dementia, Alzheimer’s disease or cognitive decline,” the paper suggests. “Those documents include a power of attorney, a power of attorney for health care, a living will, a standard will, a living trust and guardianship/conservatorship.”

The full USA Today report  can be found at https://www.usatoday.com/story/money/columnist/2018/05/16/retirement-5-steps-ease-fears-over-money-health/578381002/ .

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