admin No Comments

Americans are living longer than ever and as a result, retirement planning for 65 and over has become more complicated. How can you guarantee enough monthly income for life? What happens if I outlive my spouse? What happens if my social security does not cover my monthly expenses? With market volatility, rising healthcare and prescription costs and a longer life span, what are your best options to secure a safe retirement? Below are a few thoughts but remember everyone’s retirement planning is personal and needs to be customized with your specific goals. It is never to late to begin planning.

Get Safe, Predictable, Retirement Income

Fixed income annuities.
Annuities provide an attractive combination of earnings and security that few other products can match. Imagine an investment with a guarantee that you’ll get your money back with interest. That’s how annuities work, like pension plans, guaranteeing a fixed monthly payment for life. With an immediate annuity, you give the insurer a lump sum. In return, you’ll receive payments for the rest of your life.

Longevity insurance for the aging.
The newest investment fund is called longevity insurance that doesn’t start to pay out until the age of 85. The strategy behind this investment is to have enough retirement income in case you outlive your other investments. Say you invest $50,000 at age 65 into the longevity investment fund. The payoff doesn’t kick in until age 85. If you live that long, the disbursement will be approximately $35,000 per year for the rest of your life.

Reverse mortgages pay you back.
Reverse mortgages, like other mortgages, are loans against the equity in your house. While it may not be the right investment for every retired person, reverse mortgages provide a steady stream of cash without the fear of foreclosure. This loan is structured so you never have to pay back a penny until you leave the house. If you need income more than you want to leave a house to your heirs, then this strategy may be a prudent investment for you.

Choose a long-term care insurance policy.
After a lifetime of building up a considerable nest egg, retirees are terrified of if vanishing under the barrage of nursing home bills. Studies predict seniors over the age of 65 will require some form of long-term care services yet only ten percent of those over 55 own a policy. A policy with greater benefits will give you a wider set of options. With less generous coverage, you may not be able to afford quality facilities.


For many of us, sensible retirement planning can seem overwhelming. However, following basic guidelines to ensure a happy life is relatively easy to implement.