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Download Your Retirement Lifestyle Workbook

It is time to take control of your own future. With a well-designed Retirement Lifestyle Plan, you can obtain the most enjoyment possible from the money you have to spend during the rest of your life. In an uncertain world where investment returns are unpredictable, planning is the most important exercise you can do to increase the likelihood that you’ll enjoy a rewarding retirement.

This workbook is designed to help you collect and organize the information needed to develop your Retirement Lifestyle Plan, and will include your goals and the resources available to fund them.

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The Widow

DISCLAIMER: This is a hypothetical situation and is not based on real-life examples or actual results. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your financial advisor prior to investing. After the loss of a spouse, widows often find themselves dealing with both grief and pressing financial concerns at the same time. That’s why there’s no time like the present to meet with an attorney and get your documents updated to make sure they are in good order. The eventual (if not immediate) need for a power of attorney and health care proxy to be filed is of the utmost importance. Heart disease is one of the leading causes of death in America. And although we know this to be true, it seems that dementia is right up there with the clients we help. The onset is often young (late 50’s, early 60’s), and to date, there is no cure, no surgery to be done. Laura and her husband came to see me, and I was given a heads up that he was having some memory issues and was having some testing done. She urged me not to mention the ‘D’ word in front of him as it was early in the process for him, and he knew what it meant and what the outcomes were. We had a conversation, the three of us. His comprehension was good, but there were differences. I checked my notes as to the last time their wills were updated… it had been a while. On a subsequent visit, Laura let me know she had difficulty grasping the enormity of the potential expense of caring for him. By choice, long-term care insurance had not been part of their plan. She projected the harsh realities around the cost of care, not to mention the taxes on their IRAs to access those funds. She shared that he has life insurance, but it expires in 5 years. She couldn't stop feeling awful, but she counted on that being there for her, assuming she would have to use their retirement assets to pay for care. I reminded her that it’s not selfish; it’s survival. Her goal was to provide him great care while he was alive. His goal was for the two of them to enjoy their lives together. He would be upset if, after 40 years of professional work, she spent all of it on him. By the end of our conversation, she understood that the death benefit is for the survivor, not the person whom the policy is on. As to the timing of it, my experience is that spouses who survive their loved ones have already mourned the very essence of their being well before their bodies have given up. The willingness to do what is right for him now will somehow be balanced out later.

Primary Concerns

Will she have enough money to live off of as it is being depleted by medical expenses and long-term care?
How should she handle finances on her own? Where should she start?
What if she runs out of money?

Next Steps

Update estate plan and documents
Create a comprehensive financial plan that takes personal circumstances into account
Provide resources and guidance to help her fully understand the household finances, so she feels comfortable managing them on her own

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The Tradesperson

Primary Concerns

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The Widow

Primary Concerns

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The Single Mom

Primary Concerns

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The Married Couple

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