Retirement Planning, Life Insurance and Annuity Experts
GAP Retirement Planning knows it’s not just about numbers, it’s about your dreams and goals. It’s about having a plan that allows you to have a happy and self-sufficient retirement. People who are preparing for retirement or are already retired have a lot of questions about what to expect and how everything works. It makes sense because YOU HAVE NEVER RETIRED BEFORE!
GAP Retirement Planning is a Wake Forest NC firm helping individuals in North Carolina and the greater Raleigh area plan for their retirement.
The truth is some people want to continue working for fun and to have social interactions. This is normal as human beings to want to belong and contribute. There does not have to be an “Ideal” retirement age. What we want to ensure is that you are working because you want to and not because you have to. What is important is to know the underlying financial strength of your savings plan and having a plan for income when you decide to retire. Inevitably, we will all stop working at some point. Studies actually show more people stop working earlier than planned due to health issues which have caused significant hardship for many retirees.
Long term care insurance is a unique insurance product that provides financial relief if you face long term care costs in retirement. For many people, this is a cornerstone to their retirement planning which helps ensure the cost of long term care does not erode their retirement savings. Life Insurance also provides a feature called “Living Benefits” which can help cover the cost associated with chronic and terminal illnesses by allowing the owner of the policy to use their death benefit while they are living. Living benefits is not long term care insurance but many people find that using life insurance for the the death benefit, tax-deferred savings and living benefits is a good strategy to help mitigate the cost of long term care.
Social Security is basically an annuity that pays a lifetime income based on the number of years you have worked and contributed to the system. For many people, social security is one of the main sources of income in retirement. Social security and all other sources of income in retirement need to be accounted for and then compared to all essential and nonessential expenses. Social security and in some cases, an annuity, can act as a “Floor” to ensure minimum essential expenses are covered in retirement.
Many of our clients just want to protect what they have worked a lifetime to accumulate. One of the hardest things for pre-retirees to do is to switch from an investing/accumulation mindset to a insure and protect mindest. Depending on a clients risk tolerance and needs, there are financial products that will let you participate in market growth and also protect your savings if the market declines. There really is not a good reason to let your savings remain fully at risk in the market when you retire.
The number one goal in retirement planning is helping people create guaranteed sources of income that will last throughout retirement. There are several financial tools and strategies that can help retirees achieve this goal. With any financial products, there are trade-offs and these need to be weighed out against one’s desire for risk, access to capital, time horizon, health etc.