Certified retirement planner Darcy Bergen has served as the president of Bergen Financial Group for more than 15 years.
Financial planners help clients minimize their financial liabilities to ensure income stability in their retirement. In addition to making investments to counter inflation, retirees should have a solid plan for managing the following risks:
- Medical costs. Out-of-pocket healthcare costs and insurance premiums should be factored into a retirement budget. Retirees should also obtain long-term care coverage early in their retirement to lock in a low rate and ensure they are covered before they develop any serious conditions.
- Down markets. Starting retirement during a bad market can have lasting consequences, even if the market improves later. Experts advise retirees to protect themselves from stock market volatility by investing in conservative vehicles, such as bonds and certificates of deposit (CDs).
- Longevity. The average American life expectancy is just over 78 years, with many retirees expected to live well into their 80s and 90s. Longevity risk can be minimized by delaying social security payments until the age of 70 to collect higher payouts and investing in guaranteed income streams, such as annuities and treasury bonds.
Financial planners help clients minimize their financial liabilities to ensure income stability in their retirement. In addition to making investments to counter inflation, retirees should have a solid plan for managing the following risks:
- Medical costs. Out-of-pocket healthcare costs and insurance premiums should be factored into a retirement budget. Retirees should also obtain long-term care coverage early in their retirement to lock in a low rate and ensure they are covered before they develop any serious conditions.
- Down markets. Starting retirement during a bad market can have lasting consequences, even if the market improves later. Experts advise retirees to protect themselves from stock market volatility by investing in conservative vehicles, such as bonds and certificates of deposit (CDs).
- Longevity. The average American life expectancy is just over 78 years, with many retirees expected to live well into their 80s and 90s. Longevity risk can be minimized by delaying social security payments until the age of 70 to collect higher payouts and investing in guaranteed income streams, such as annuities and treasury bonds.
