Case Study on Josh & Linda, mid 50’s, married, retired. Annual Income from Part Time Jobs: $24,000 Annual Income from Pensions: $50,000 Mortgage: None Car Loans: None Debt: None Investments: $450,000
You have worked hard to accumulate your wealth; now you need to preserve it so that it lasts throughout your retirement years (unless you want to go back to work).
If your funds are in aggressive investments, you may consider a more conservative investment model. With a conservative model your investments may not grow as aggressively, but you should be able to maintain.
If you have a financial advisor, talk with them about rebalancing every year. Some accounts let you set up an automatic rebalancing feature.
Talk with your financial advisor about long-term care insurance. There are advantages and disadvantages to long-term care insurance policies so make your decision after thorough research. There is plenty of information available for you. Long-term care insurance companies have different qualifying criteria, be sure to ask.
To ensure that your financial wishes are met, you should have an estate plan because an estate plan includes your investment profile as well as a will and a power of attorney. A will gives your instructions on how you want your estate distributed. Your attorney can explain in greater detail estate plans, wills and trusts.