The Five “What Ifs” of Retirement

Life is full of “what ifs.” No one can know with complete certainty what the will face on the road ahead, and creating a well-rounded strategy helps a person be prepared. Stetting the foundation for a more secure financial future is accomplished by asking and addressing the top retirement questions.

1. What If Social Security is Reduced? The average American’s life expectancy is over 20 years longer than when Social Security was founded in 1934.1 In fact, according to the Society of Actuaries, today’s 65-year-old female will, on average, live another 21.6 years. While a 65-year old male will, on average, live another 19.3 years.2 These additional years are both a blessing and a burden since this puts more strain on savings. When someone reaches retirement, their income typically comes from three areas: government programs, employer programs, and their own personal assets. A major concern for many preparing for retirement is – what will happen if Social Security benefits are reduced? While it’s unclear what will happen to Social Security in the future, it’s important to remember that Social Security was never meant to be a retiree’s sole source of retirement income.In addition, while past generations of retirees could rely on a company pension to help fund their retirement years, a recent study shows that only 4% of companies still offer an employee pension program, shifting much of the responsibility to the individual.2

When preparing for retirement you should consider other sources of guaranteed income, like life insurance and annuities, to close the gap between your expected retirement income and expenses.

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2. What If I Am Unable to Take Care of Myself Due to Health Reasons? While we are living longer, we are not by any means living disease free, particularly in old age. Critical illness is a real risk and survival poses a financial impact. In fact, 43% of men and 38% of women are diagnosed with cancer in their lifetime. Eighty-five million Americans live with cardiovascular disease, and every 40 seconds, a person suffers a stroke.3 Thanks to medical advances millions of Americans who would have quickly perished in past decades are either recovering or living longer with disease.Many chronic conditions require long-term care for a short or an extended period of time. One’s savings, assets and insurance are quickly consumed by expenses for assisted living facilities, in-home nursing care, as well as ongoing medical care. These expenses indisputably affect a person’s standard of living.

3. What if I am Confined to a Healthcare Facility? According to a recent study, approximately 70% of people over the age of 65 need to pay for health care-related services at some point in their lives. This includes living in an assisted living facility and/or a nursing home.4 Although many of these expenses are covered by Medicaid, a person must use their own savings first before Medicaid coverage will start. The annual average costs for an assisted living facility is more than $43,000 per year, with annual nursing home costs averaging more than $253 per day.5 Smaller costs that add up are often overlooked regarding these facilities, including laundry, housekeeping, and meals. If you are interested in having complete access to our 5 “What Ifs” of Retirement kit please complete the form below.

4. What If I Don’t Live a Long Time? As a person’s health situations change during their lifetime, so do their retirement needs. Critical illnesses are an unfortunate part of our health landscape today, and have a major effect on a person’s retirement plans. With these kinds of huge costs, it is expensive to treat certain types of illnesses, especially if they become terminal. With a life expectancy of a year or less, a person with a terminal illness has many things to consider. Traditional life insurance is intended to protect against the loss of a person’s income when they pass away, and it’s important to consider the additional needs for funding long-term care, final expenses, and future expenses for the surviving family.

5. What if I Live a Long Time? Today, with life expectancies at 86 for women and 84 for men, people are living 20 years longer into retirement. Many people underestimate how long they will live, putting strain on personal savings and increasing the likelihood of outliving their assets. Transitioning into retirement presents many challenges for people. Most Americans fall short of the amount of savings required for a comfortable retirement – if they are saving at all. Fifty-six percent of the country has less than $10,000 saved for retirement, with 1/3 of Americans reporting having none at all.6 In addition, other factors cause assets to deplete faster than expected. Higher risk investments, inflation rising faster than expected, and lower interest rates reduce retirement income by lowering growth rates. A person could also have unexpected health care costs. Just living longer than expected could deplete resources, leaving a smaller legacy for heirs.

Creating a Foundation for a More Secure Future

The future is full of unknowns, but your financial future doesn’t have to be. Planning for potential events can keep your retirement on track. Whether you long-term objective is building a source of guaranteed lifetime income, saving for a specific retirement goal, or leaving a legacy for loved ones, annuities and life insurance are designed to meet these needs.

These solutions are proven to help:

  • Generate a guaranteed stream of income for an entire lifetime
  • Provide a predictable, reliable source of retirement income for a surviving spouse
  • Bridge the gap to full Social Security benefits if you plan to delay until retirement age
  • Cover unforeseen expenses as you get older
  • Create a lasting legacy for loved ones

If you are interested in having complete access to our 5 “What Ifs” of Retirement kit please complete the form below.

Preparing for the “What Ifs”

  Unexpected Illness or Financial Emergency
Retirement can include a number of unexpected expenses that you may need to address. From health care-related costs to caring for aging parents, the need for extra money always pops up. You can supplement your retirement plans with life insurance and/or annuities to create a buffer for potential risks that would deplete your hard-earned savings.

  Die Too Soon
If you die prematurely a life insurance policy or annuity contract pays your beneficiaries the death benefit, leaving them more financially secure.

  Live a Long Life
Certain life insurance policies and annuities can create a “retirement paycheck” so you won’t outlive your assets and can also proive money to maintain your standard of living. If you becomes chronically ill, terminally ill, or require long term care, optional accelerated benefit riders allow you to accelerate a portion of the death benefit while you are alive.

Creating a successful retirement plan involves income planning preparation, needs analysis, and risk management. Being armed with a strategy that considers all factors helps you leverage more of your hard-earned dollars and creates a “retirement paycheck” you can count on.

Take the time to plan now, and ensure you have enough income to last through retirement.

If you are interested in having complete access to our 5 “What Ifs” of Retire ment kit complete this form:



1 Social Security History. Accessed March 3, 2017. View Source.

2 CNN Money. Ultimate Guide to Retirement. Accessed January 16, 2017. View Source.

3 Benefitspro. Accessed May 23, 2016. View Source. American Association for Critical Illness Insurance. Accessed February 17, 2017. View Source.

4 Accessed March 3, 2017. View Source.

5 Genworth 2016 Cost of Care Survey conducted by CareScout. Accessed May 5, 2016.

6 Employee Benefit Research Institute 2016 Retirement Confidence Survey. Accessed March 2016, pages 5,15.


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