You could need more money for retirement than you now anticipate.
4 out of 10 Americans participating in a recent survey said it's unlikely they'll have enough money to enjoy a comfortable retirement.1 Here are some things to keep in mind:
You may have to retire earlier than planned
Many people do. Health, family, and work-related issues often lead to early retirement.
You may not want to sell your home
Census data reveal that most homeowners age 65 and over remain in their pre-retirement homes after they retire. So, planning to “cash in” on your home’s value may not be realistic. While a reverse mortgage is one way to tap into home equity without selling the home, it’s a strategy that carries a certain degree of risk.
You may have to spend a lot on health care
Many companies are cutting back on health coverage for retirees and Medicare doesn’t pay for everything. Even if you buy supplemental health insurance, the premiums plus your out-of-pocket costs could add up to a considerable amount.
Your retirement could last a long time
The average 65-year-old has a life expectancy of 18.6 years.2 For a 65-year-old couple, at least one person can expect to live to age 88.3
You can’t know for sure how your retirement will play out; however, it certainly makes sense to do what you can now to plan and save for your future retirement. Please call COUNTRY Financial® at 866-COUNTRY (866-268-6879) if you’d like to discuss your financial situation. We can help with a tangible plan – one that can be adjusted as your life and needs change. No matter from where you’re starting, we are here to give you the guidance you need to reach financial security.
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1COUNTRY Financial® Security Index , Dec. 2011
2Health, United States, 2010, U.S. Department of Health & Human Services
32010 Social Security Data