3. Medicare as we know it will not be the same.
Prior to 1965, thousands of seniors went without health care in their later years. We’ve been lucky to have the kind of national health care program we do for our retirees. However, Medicare in its present form is unsustainable. Save more than you think you will need for your health care costs in retirement. – Danielle Kunkle, Boomer Benefits
4. Cash value life insurance can provide flexibility.
New life insurance policies offer living benefits, which pay in the event of sickness, injury or death. You can accumulate tax-free retirement income, protect from disability and long-term care risks. Utilizing living benefits in life insurance is a great way to save money by eliminating the need for standalone long-term care and disability policies. New life policies offer robust flexibility. – Drew Gurley, Redbird Advisors
5. Your lifestyle plays a big role in how much you need to save.
Younger workers have more time to take advantage of compounding, so if they can set aside a modest amount per year for retirement and invest it consistently, they will gain much more in interest than an older worker investing a higher amount. An older person will need to consider how much they will need to maintain the lifestyle they want and ensure that they have enough to do so. – Shane Hurley, RedFynn Technologies