This Is How You Can Stress-Test Your Retirement Savings Before It’s Too Late

by | Jul 24, 2020 | In The News

Published on July 24, 2020 by Forbes
 
“Given that we are all living longer, a long-term healthcare event test helps to give you peace of mind,” says Clari Nolet, Senior Financial Advisor at Team Hewins in Redwood City, California. “If an event of needing nursing home or in-home care lasts 2-3 years (average from data) at age 75 and/or 80, will your savings/investments take care of your living expenses for the rest of your lives or the lives of the people you are responsible for? If not, and you are young enough for it to make sense and you can qualify, you can look into long term care insurance (LTCi) to ensure you do not run out of money. If you do not run out of money, then you are able to be what is called ‘self-insured’ to weather this type of event.”
 

If this example applies to you, what kind of practical mid-course corrections are available to you should LTCi not be an option? Nolet suggests you “leave less to your children, reduce expenses to save more, look at reverse mortgages and finally look at part-time work after you planned to retire, or working longer.”

 
 

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