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4290104 - older's hillHappily Ever After doesn’t just happen like some fairy tale. That’s why it’s important to plan for the 20 years that the average American will spend in retirement.

Planning comes down to one critical word: Saving.

If you’re reading this and thinking, “I HAVEN’T been saving money for retirement,” it’s never too late to start setting some portion of your income aside for it. The sooner you start, however, the better off you’ll be. The goal is to make retirement income last as long as you do.

Experts estimate that in order to maintain the same standard of living enjoyed while working, you’ll need to spend at least 70 percent of what you spend on things pre-retirement. If you’re on the lower wage scale, it could be more like 90 percent. Counting on Uncle Sam or relatives to take care of you in old age is a recipe for disappointment or being impoverished.

According to AARP, Medicare and Medicaid may only pay for some of the elder care services needed and have many restrictions. In some states, the government may only pay for nursing home care when a less-expensive Assisted Living Community is all that’s needed.

You’ve likely worked hard for much of your adult life to have financial security for you and your family. Preparing for the future means maintaining the standard of living to which you have grown accustomed.

“You’ve tried to plan for the surprises that life may bring in the future, but even the most well-thought-out plans may not be enough to prepare you for the unexpected costs associated with long-term care,” AARP states on its website.

About 70 percent of people turning 65 can expect to use some form of long-term care during their lives.

Consulting an experienced financial planner is recommended. He or she can educate you about options and form a strategy that maximizes returns while minimizing risks. The money you save needs to continue to grow and earn income until you withdraw it. A qualified tax advisor can help you avoid getting taxed more than necessary.

Beware of scams and offers that seem too good to be true, like swindlers talking about doubling your money at no risk. Qualified financial professionals need to be objective and have your best interests in mind rather than selling you products that reap big fees for them – at the expense of your savings! Anyone can claim to be a financial expert while lacking special training and credentials to properly counsel others. Once you do have a relationship with someone telling you what to do with your money, you need to monitor your investments and ask tough questions if needed.

To learn more about Regency, call us at (256) 852-0033.