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Feb 15

The Two Biggest Mistakes In Retirement Planning

Over the years, there are two mistakes I’ve found that people consistently make when preparing for retirement. Making one or both mistakes can leave you in a “what if” retirement, afraid to spend your savings as you ask yourself:

  • What if one of us has an extended chronic health care need?
  • What if our retirement savings suffer losses and we are unable to pull out enough income to continue our lifestyle?
  • What if we outlive our money completely?

Continue reading on Forbes.com

4 comments

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  1. Eileen Rhoads

    Hi: I am 77 years old. I am considering LTCi. I am fortunate to have an annuity presently of $64,000 a year. I have no children nearby to provide care should I need help. Do you recommend LTCi. Thanks for your advice.

    1. Phyllis Shelton

      Hi Eileen – thanks for your comment. I’m really glad you have the annuity of $64,000 a year; however that isn’t enough to pay for LTC if you need it. We need to know quite a bit more about you to answer your question fairly. Assets? Health? Cost of care where you live? I will ask one of my specialists to reach out to you privately and assess your need with no obligation.

  2. Melanie Edgar

    I do not have any long term care coverage. I am a single white 54 yo female on Disability. I had a stroke 04/06/16. I have never smoked and rarely drink. I have two $50k Whole life policies.

    I Think i need to look into LTC.

    1. Phyllis Shelton

      You would be uninsurable for traditional LTC insurance but you could transfer the cash value from your whole life policies into an annuity that will pay for LTC. And, depending on your state, there may be another option. If you would like to explore these options with me, I would be happy to spend some time with you and see if one or both of them is appropriate for you. Please check your email for the best way for us to connect.

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