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Whether you’re looking forward to retirement or enjoying it now, it’s helpful to discuss your circumstances with a financial advisor. Confiding in a risk management and investment professional can help you ensure the best use of your assets. The topics below are among those that affect individuals and couples in various stages of their retirement.

Retirement Factors a Financial Advisor Can Help With

1. Stock Market Changes

Stock market fluctuations and corrections can impact the worth of your investments. Your financial advisor will help develop a balanced financial portfolio with a mix of high-, moderate-, and low-risk assets such as CDs, bonds, and real estate so you can withstand market changes that might lower stock values.

2. Escalating Medical Expenses

financial advisorsAs the cost of living increases, so do Medicare premiums and deductibles. Costs for Medicare Part B in 2020 are higher than in 2019, with a $144.60 monthly premium for 2020, an increase of $9.10. The 2020 annual deductible is $198 for all Medicare Part B beneficiaries, a $13 increase over 2019. These premium jumps may add up to a significant long-term difference.

Increasing medical risks, such as unplanned or emergency medical treatment, hospitalizations, therapy, rehabilitation, or long-term care can reduce retirement savings. Maximizing a health savings account (HSA) and purchasing long-term care insurance may help you manage future medical expenses.    

3. Losing a Spouse

Whether your spouse passes away or you go through a divorce, you can prepare for the possibility with wise financial planning. Buying life insurance, maximizing contributions to individual retirement accounts (IRAs), contributing to 401(k) and pension accounts, and investing in lifetime income annuities can lower the risk of financial losses if you are or become single. 

 

Whether you need insurance, risk management, or investment help, turn to the professionals at Seeman Holtz. Based in Boca Raton, FL, this agency’s financial advisors offer a wide range of products and services to empower individuals and business owners nationwide as they move toward retirement. To learn more about how they can help you with effective financial planning, visit their website or call (800) 991-3592 to schedule a consultation.

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