Financial Planning For 65+ Needs A Boost Says Myles Haverluck

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crucero financial plansAmericans are living longer than ever and as a result, Myles Haverluck says financial planning for 65 and over has become inevitable. How do you convert a lifetime of savings into a monthly stream of income that will last forever? As times become leaner, this issue has gained new urgency.

Baby boomers have begun to usher in a new era in which retired seniors expect longer life spans, rising health costs, and stock market volatility. It’s nothing like your mom and dad’s retirement, when everyone received Social Security benefits and collected a pension.

The need for predictable retirement income is a necessity says Haverluck.

• Fixed income annuities. Annuities provide an attractive combination of earnings and security that few other products can match. Imagine an investment with a guarantee that you’ll get your money back with interest. That’s how annuities work, like pension plans, guaranteeing a fixed monthly payment for life. With an immediate annuity, you give the insurer a lump sum. In return, you’ll receive payments for the rest of your life.

• Reverse mortgages pay you back. Reverse mortgages, like other mortgages, are loans against the equity in your house. While it may not be the right investment for every retired person, Myles Haverluck points out, reverse mortgages provide a steady stream of cash without the fear of foreclosure. This loan is structured so you never have to pay back a penny until you leave the house. If you need income more than you want to leave a house to your heirs, then this strategy may be a prudent investment for you.

• Choose a long-term care insurance policy. After a lifetime of building up a considerable nest egg, retirees are terrified of if vanishing under the barrage of nursing home bills. Studies predict seniors over the age of 65 will require some form of long-term care services yet only ten percent of those over 55 own a policy. A policy with greater benefits will give you a wider set of options. With less generous coverage, you may not be able to afford quality facilities.

For many of us, sensible retirement planning can seem overwhelming, says Haverluck. However, following basic guidelines to ensure a happy life is relatively easy to implement.