Who will change my Lightbulbs?
May 18, 2016
One of the key questions of retirement planning
Chances are if you have an answer to the "Lightbulb" question you are well on your way to navigating the many, many issues surrounding retirement and aging.
There are millions of people in this country who are retired, retiring and nearing retirement who should be asking the "Lightbulb" question - as well as many other questions. Many of them simply do not have the tools and knowledge necessary to maximize their financial and human capital which in turn will help them to enjoy their retirement years as much as possible.
Here are some of the other key questions to consider:
l. How long should I work?
2. When should I take Social Security? Delaying may have advantages
3. How can I save as much as possible?
4. Do I need life insurance?
5. Roth lRAs vs. Traditional lRAs?
6. Are my legal documents in order - Will, Power of Attorney, Health Care Proxy, Trusts?
7. How do I set up a retirement bud'get?
8. Traditional vs. hybrid long-term care insurance?
9. Where will I live? Who will help take care of me? This is the lightbulb question.
10. Do I want my children taking care of me?
ll. What's the difference between Medicare, Medicaid and Medigap?
12. Are annuities right for me?
13. How do I take my pension?
14.What tax strategies are the most efficient?
15.What Investment strategies should I employ?
16. How do I take my Required Minimum Distributions?
Each one of these questions by themselves is important, and when and how you address them - or even whether you address them - can have an impact on your retirement, either positively or negatively. Good things can come from being informed and being prepared. and here are just a few of the potential benefits to planning out your retirement in a careful, thoughtful and timely manner:
l. You may pay less in taxes.
2, You may leave more money to your beneficiaries.
3. You may have more spendable income.
4. You may spend less out of pocket for health care.
5. You may have a greater sense of well being.
6. You may have more time with your grandchildren.
7. You may smile more
Don't be left in the dark when it comes to these questions - know who will change your lightbulbs, know the difference between Medicare and Medicaid, know the best time for you to take Social Security, know the answer to all of these questions. Seek help. Find qualified legal, tax, financial and insurance advisors who are willing to help you plot a course so that you are able to find the best possible strategies, services and products for you, in order to get the most out of the resources that you have worked so hard for.
As Originally published in the Cape & Plymouth Health & Wealth Magazine: Who Will Change My Lightbulbs