Most financial planners, notes the article, suggest that your
investments be such that one can live wholly off the income generated
by their investment portfolio without having to liquidate any portion
of the portfolio. This can often be difficult, the article points
out, as continued inflation affects buying power as the years
pass.
Though seniors traditionally switch to more conservative financial
vehicles after retirement, the need to amass more income for a longer
active retirement period has prompted older Americans to continue
investing in more risky opportunities, the article notes.
The article also accentuates the need for proper estate planning so
that individuals may protect their assets and so that heirs receive
what’s intended, without the risk of losing large portions of an
inheritance to tax penalties.
Providing for protection of your assets if you become seriously ill or
should require nursing home care is also an important aspect of
retirement planning, notes Canby. That’s why long-term care
insurance is becoming more and more popular. The younger you are
when you purchase this insurance, however, the lower the premiums will
be so plan early. Also, long-term insurance doesn’t always cover
all reasons for long-term care, such as Alzheimer’s disease, so be
careful to read the fine print carefully, notes the author.
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