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- STAYING INDEPENDENT
-
- Planning for financial independence in later life
-
- TAKING STOCK
-
- As retirement approaches, it is important for every
- household to assess its financial identity (assess its
- finances). Waiting too long might mean missing one or more
- opportunities to preserve maximum financial independence
in the
- future. To help get you started, can you say
"Yes" to the
- following statements?
- YES NO
- We talk regularly and frankly about finances
- and agree on our goals and the lifestyle we will
- prefer as we get older.
- We know our sources of income after retirement
- how much to expect from each, and when.
- We save according to plan and are shifting from
- growth-producing to safe income-producing
- investments.
- We know where our health insurance will come
- from after retirement and what it will cover.
- We have reviewed our life insurance and
- considered options such as converting to cash
- or investments.
- We each have our own credit history.
- We each have a current will or living trust.
- We know where we plan to live in retirement.
- We have anticipated the tax consequences of
- our retirement plans and of passing assets on
- to our heirs.
- Our children or other responsible relations know
- where our important documents are and whom to
- contact if there are questions.
- We have executed legal documents, such as a
- living will or power of attorney, specifying our
- instructions in case of death or incapacitating
- illness.
-
- THE KEY IS PLANNING
-
- "If only I'd known then what I know now ...."
- Looking to the future is key to financial planning at any
- age, but especially in the decade or so before retirement.
For
- many households, retirement is a time to fulfill dreams
and
- delayed ambitions. It also can be a time of anxiety if you
- postpone thinking realistically about the ways your
financial
- identity will change--income, savings, investments,
credit,
- insurance, job benefits, and perhaps living arrangements.
- Meeting the challenge of financial management will help
remove
- uncertainty and increase your available options. Both
partners
- need to be involved in retirement planning and may wish to
- discuss their plans with adult children.
- Many people neglect planning. Some prefer to leave
- financial decisions to the other partner, while others
simply
- find it too difficult to talk about money. Whatever the
reason,
- if you have not yet begun planning, you may want to seek
- pre-retirement planning advice from a professional or a
- community service organization.
-
- LOOKING AHEAD
-
- The decade before retirement is a good time to take
- inventory of assets and obligations and make financial
choices
- aimed at maximizing future resources. These years are
typically
- a peak earning period and they offer the chance to reduce
major
- debts, such as a home mortgage, and increase savings and
- income-producing investments. Households faring the
combined
- expenses of educating children and caring for aging
parents may
- find saving difficult during pre-retirement years. In
these
- cases, making a realistic financial appraisal is more
useful.
- These are questions you might ask yourselves:
- * What are our sources of retirement income and how much
- will each provide-monthly or in a lump sum?
- * Social Security
- * Pensions, IRAs, Keoghs
- * Savings and investments
- * Sale of assets
- * Home equity
- Find out all the options for receiving your pension
- benefits and whether they are insured. Find out if pension
- benefits will be reduced if you receive Social Security.
Read
- carefully and consider the consequences of signing any
- documents relating to a reduction in spousal pension
benefits.
- One of you may need this income if the other dies.
- When estimating how much income can be expected from these
- and other sources, remember to take inflation, taxes, and
- market fluctuations into account. Depending on your
anticipated
- income potential, you may decide to postpone retirement a
few
- years, or plan to work part-time.
- * Is our health insurance adequate for retirement?
- The cost of serious or long-term illness is a major burden
- for many older Americans because Medicare does not cover
all
- health care costs. If you consider buying "medigap"
insurance
- to supplement Medicare, shop carefully for a policy that
- supplements rather than duplicates Medicare coverage.
Long-term
- health insurance for nursing home or home health care is
new.
- Examine all the terms of any such policy before you buy.
-
- MANAGING WHAT YOU OWN AND WHAT YOU OWE
-
- Professionals say that retirement income should be 60-80
- percent of current income to maintain the same Standard of
- Living. If your financial picture does not correspond to
this
- guideline, you might prepare a budget and a cash flow
statement
- based on income and expenses during the preceding 6 to 12
- months in order to identify gaps in income and find ways
to cut
- spending.
- On the expense side:
- * List current expenses such as housing, food, health
- care, transportation costs, and other financial
- obligations.
- * Include a contribution to savings. Experts recommend
- a reserve fund to cover 6 months of basic expenses.
- * Itemize personal expenses for such things as clothing,
- travel, entertainment, and hobbies.
- * Develop habits such as price shopping, menu planning,
- coupon dipping, and monitoring your use of credit
- to guard against overspending.
- On the income side:
- * Think through contingency plans in case expenses begin
to
- outpace income or one partner becomes seriously ill.
- * Remember that credit histories in your individual names
- can be invaluable in retirement, or in the event of
- widowhood or divorce. Credit can be essential to meet
- unexpected or emergency expenses.
- Federal regulations prohibit age and gender discrimination
- in the granting of credit. Lenders must treat all income
alike,
- whether from employment, retirement benefits, or other
reliable
- sources. Still, it may be easier to get a national credit
or
- charge card in your own name while you are employed. If
you
- have never been employed, you can still build a credit
history
- by becoming an "authorized user" on your
spouse's account.
- * Consider selling assets or converting life insurance
into
- cash as another possible way to meet expenses.
- * Investigate Home Equity Conversion (HEC) as an option if
- you own or nearly own your home and need money. There are
- several kinds of home equity conversion loan plans,
- including Deferred Payment Loans and Reverse Mortgages,
- where you borrow against home equity and receive monthly
- or periodic cash payments.
- Unlike home equity loans or lines of credit, reverse
- mortgages involve no monthly repayments as long as you
live in
- your home or until a predetermined date. These plans do
involve
- costs for application fees, closing costs, and interest,
and
- they may affect eligibility for public benefits programs
such
- as Medicaid. Generally, you can decide how to spend the
money.
- Reverse mortgage plans are not all the same, so it is
important
- to read the loan documents carefully. Check with a trained
HEC
- counselor, other financial advisor, or an attorney before
- deciding whether home equity conversion is appropriate.
-
- LEGAL MATTERS
-
- You can use several legal tools to maintain control over
- your affairs in later years. These will enable you to
decide,
- while healthy and alert, what you want done in the event
of
- death or disability. Be sure to discuss any arrangements
with
- your survivors to save them from facing difficult
decisions and
- to give them peace of mind, knowing they are complying
with
- your wishes.
- * Wills--If you do not have a current will, the state, not
- you, will decide how your assets are divided. Such legal
- documents as Living or Revocable Trusts offer ways to
- avoid probate.
- * Trusts--This device lets you decide who would be
- responsible for your financial affairs if you became
- unable to manage them yourself.
- * Powers of Attorney and Living Wills--Powers of attorney
- typically assign responsibility for financial matters to
- another person. Some apply to health care decisions as
- well. You can use a Power of Attorney or a Living Will to
- state in advance your wishes in case of an incapacitating
- or life-threatening illness. Doing so is essential if you
- want your family to know the circumstances in which you
- wish to decline life-support measures.
-
- RELOCATING OR STAYING PUT
-
- Where to live after retirement is a major decision.
- Perhaps you plan to relocate to a more favorable climate
or to
- be near family. Research the consequences of such a move
in
- terms of the basic cost of living, access to health care,
and
- state and federal tax obligations.
- If you are considering the advantages and disadvantages of
- selling your home, whether or not you plan to relocate,
these
- are some questions to ask:
- * Can we afford monthly payments for mortgage, taxes,
- utilities, and maintenance?
- * Will one or both of us be able and willing to take care
- of the house?
- * Is the house a suitable place to live as we grow older
and
- less agile?
- * Will we need to draw on our home equity as a source of
- income or credit, or would we have more options if we sold
- the home and invested the proceeds?
- In addition to owning a home or renting an apartment, a
- number of other housing options may be available in your
- community, many of which offer savings on housing
expenses.
- These are some alternatives to consider:
- * House-sharing for help with chores or added retirement
- income;
- * Group living in a private home or one sponsored by a
- social services agency;
- * Accessory apartments, or mobile or manufactured homes,
- including ECHO (Elder Cottage Housing Opportunity) housing
- which, if zoning laws permit, can be installed on the
- property of an adult child or other relative;
- * Condominiums or cooperatives which have the advantages
of
- home ownership without the burden of maintenance;
- * Retirement communities which may offer companionship,
- recreation, and sometimes medical and housekeeping
- services.
-
- SPECIAL CONSIDERATIONS
-
- An important part of financial planning is anticipating
- how to handle bad times. Prudent planning includes
learning
- about public and private benefits programs. In most
- communities, governmental and private agencies offer
services
- to help care for older persons, such as low-cost medical
- clinics, home health care, housing options, adult day
care, and
- chore services.
- The local Social Security Administration office has
- information about entitlement programs such as Medicaid,
- disability insurance, food stamps, and Supplemental
Security
- Income. Ask about your state's Medicaid
"divestment" rules
- which permit transfers of some assets to other people if
done a
- specified length of time before applying for Medicaid
(usually
- at least three years). Divestment is a precaution some
take to
- avoid "spousal impoverishment" when all the
family's assets are
- spent before a sick family member can be eligible for
Medicaid
- assistance.
- When arranging family matters, it will ease your
- survivors' emotional burden if you let them know your
- preference for funeral or memorial arrangements. You can
handle
- these matters yourself by planning through a non-profit
- cooperative memorial society or by prepaying at the
funeral
- home of your choice. If you decide to pre-pay, be sure you
or
- your survivors can cancel the contract should you move or
- change your mind. Planning ahead and using comparative
shopping
- skills can save thousands of dollars in funeral expenses.
-
- PLANNING TO STAY INDEPENDENT
-
- It's never too early to start retirement planning, and
- never too late to make adjustments in your financial
situation.
- Whether wealthy or not--and it is probably more important
for
- those who are not--investigating your options and making
- practical choices now can allow you to stay in charge and
meet
- future financial goals.
-
- FOR MORE INFORMATION
-
- For additional information and brochures...
-
- Consumer Information Catalog
- Pueblo, CO 81009
- Cooperative Extension Office--local office is listed under
- State, Federal or County Government in the phone directory
- American Association of Retired Persons
- Consumer Affairs, Program Department
- 1909 K Street, N.W.
- Washington, DC 20049
- (202) 728-4355
- Federal Trade Commission, Public Reference
- 6th and Pennsylvania Ave., N.W.
- Washington, DC 20580
- (202) 326-2222
- National Foundation for Consumer Credit
- 8701 Georgia Avenue, Suite 507
- Silver Spring, MD 20910
- (301) 589-5600
- American Council of Life Insurance (ACLI)
- 1001 Pennsylvania Avenue, N.W.
- Washington, DC 20004-2599
- (202) 624-2455
- Health Insurance Association of America (HIAA)
- 1025 Connecticut Ave., N.W.
- Washington, DC 20036-3998
- (202) 223-7780
- Continental Association of Funeral and
- Memorial Societies, Inc.
- 7910 Woodmont Avenue
- Bethesda, MD 20814
- (301) 913-0030
- This is one of a series of brochures about building and
- maintaining a financial identity--both as an individual
and as
- a partner in a two-income household. The series is about
- selecting and using financial services and service
providers.
- It covers credit, investments, financial services, job
- benefits, and financial planning.
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