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Navigating Retirement: A Comprehensive Guide to Financial Planning and Healthcare Protection

Financial planning for retirement for yourself or a loved one involves making financial decisions and preparations to ensure a secure, enjoyable, and comfortable lifestyle during retirement.

One crucial aspect of this planning is to assess potential healthcare costs to protect your wealth and the impact on your future financial health.

At The Kensington Falls Church, we understand the importance of gaining practical tips and information so that you can make the most well-informed decisions about your or your loved one’s future.

We were honored to partner with our speaker, Bethany Kazakevicius, CRPC, for our recent event, “Planning For Your Future Series Part II: Protecting Your Wealth from Healthcare Costs During Retirement.”

In this session, we covered what long-term care looks like for you or your loved one and what services would ensure quality of life. We also discussed methods of incorporating long-term care into your retirement plan can help create financial security and independence, and shared strategies and tips for managing long-term care costs.

Join us on March 20 for our session Planning for Your Future Series Part 3: 5 Steps Towards Peace of Mind When Making Medical Decisions”.

RSVP to our next event to learn how to proactively and confidently handle real-world medical decisions, and keep reading to learn more about what Part II of our series covered on financial planning and retirement.

Our promise is to love and care for your family as we do our own.

Top questions on retirement planning and healthcare protection

As you begin to plan for your retirement for yourself or your loved one, you want to consider all short-term and long-term factors.

We’re here to help you navigate this path to protect your health and financial future.

Q: How early should you start financially planning for retirement?

Whether you’re a caregiver for a loved one or starting to consider retirement for yourself, it’s never too early to plan for your future.

Consider the following when you begin your financial planning for retirement:

  • Physical and cognitive health
  • Financial stability and goals
  • Lifestyle choices and social engagement
  • Healthcare coverage and long-term care options

Carefully assess these key factors to create a robust and adaptable financial strategy that aligns with your goals and values.

Continue to review and reassess your plans and goals periodically to ensure you’re on track to reach your goals.

Q: Why is financial planning for retirement important?

Planning for retirement is essential—we cannot overstate how much planning helps to guarantee a safe and fulfilling retirement.

As we continue to age, having a dedicated financial strategy helps provide peace of mind.

You’ll be able to cover medical expenses and have access to quality healthcare without diminishing your savings.

Proactively understanding, managing, and planning your resources will help to ensure a comfortable retirement and protect you from any unforeseen challenges.

You’ll be able to maintain independence, live a purposeful life, and be financially secure for whatever may come your way.

Q: How to start planning for retirement?

Take the time to reflect and understand the vision for retirement so you have a clear understanding of aspirations and objectives.

1. Weigh out your options for long-term care

  • Determine what services will be needed
  • Review communities and their health and recreational offerings

2. Create a budget

  • Establish clear and decisive goals
  • Review income and debt
  • Assess investments

3. Build a diversified retirement portfolio

  • Consider what investments would align with your goals
  • Determine your strategy and reassess it over time

4. Speak with a financial advisor to review your finances and examine your options

  • Know the intricacies of your financial health
  • Understand the available next steps

By taking these intentional steps, you will help to lay the groundwork for your future.

Q: Medicare—What does it cover?

While Medicare coverage typically covers most of your medical needs and services, there are limitations to be aware of.

Medicare Part A and B can cover:

  • Hospital stays
  • Doctor visits
  • Preventative care
  • Specific prescriptions

However, it does not typically cover dental, vision, and hearing care.

Medicare Part D is used solely to cover prescription medications and is typically combined with Medicare Part A and B.

Medicare Part C, AKA Medicare Advantage, covers most care, including prescription coverage, vision, dental, and hearing.

Limitations of Medicare Part C:

  • Out-of-pocket costs and copays
  • Limited long-term care coverage
  • Coverage gaps
  • Premiums

Seniors also have supplemental options for comprehensive coverage to fill in the gaps for what isn’t covered by their medical health insurance.

Supplemental insurance is designed to coincide with your current medical insurance policy, covering out-of-pocket costs, vision, and long-term care.

Q: How do you manage your retirement savings?

Financial planning for retirement is an ongoing process. You must continuously reassess your goals and adjust your plans to ensure your objectives align with your current financial stability and future wealth.

There are several common strategies used for managing retirement accounts.

The 4% rule

The 4% Rule is when you withdraw only 4% of your retirement portfolio during the first year of retirement.

The amount withdrawn will increase with every year following and will increase with the inflation rate, enabling a steady income.

The percentage-of-portfolio approach

You can protect your longevity wealth by using the percentage-of-portfolio approach.

This strategy requires you to spend a fixed percentage of your retirement portfolio annually.

Fixed-amount withdrawal

Similar to the percentage-of-portfolio, a fixed-dollar withdrawal provides a predictable income. Still, you must spend a fixed amount of money each year.

Retirement buckets

Lastly, you can divide your retirement savings into three “buckets” –  short, intermediate, and long-term- to prepare for specific needs over a set time frame.

Embrace the future and start planning for retirement

Financial planning for retirement grants the confidence to face the future and create opportunities for a fulfilling and secure life.

Mark your calendars for March 20 and join us at The Kensington Falls Church with Dr. Brittany Lamb to gain more insight on the dos and don’ts of medical decisions as a part of retirement planning.

We recognize the importance of early and comprehensive retirement planning and are devoted to offering our support.

Connect with The Kensington Falls Church team for guidance on care planning and healthcare options.

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