GettinG Old Ain't FOr SiSSieS tipS FrOm A FinAnciAl AdviSOr

One of my favorite clients called yesterday just to tell me about something she saw in aarP magazine. i love that. then she added, “You know, robin. You’re probably old enough to get that magazine now.” isn’t she cute? at 91, she can say whatever she wants. but she has a point. We’re all getting older, even if we still feel like kids. most of my clients are 60-plus, and trust me, that was once a lot farther away than it is now. Her gentle nudge was a good reminder. We are all “getting up there,” and there’s much to think about. one item that is crucial to review as we age is life insurance. Even if you’re retired and the kids are gone, a good life insurance policy should not be cashed in lightly. it offers big tax advantages, especially here in Pennsylvania. on the other hand, some people tHinK they have good coverage when they really don’t. i see it all the time—old life insurance policies eroding from the inside out while the owner isn’t looking. Premiums haven’t increased, but cash value is being quietly consumed to cover the growing cost of insuring the owner’s life. Eventually these policies, and the death benefits they once promised, simply disappear. Luckily, we can often rescue the coverage before it’s too late. a good reason to schedule a review! a common goal is to retire and collect social security as early as possible. think carefully before doing that. You will likely get more benefits with a different strategy; and besides, there could be unpleasant side-effects. if you think, for example, that health insurance is pricey when your employer helps, you will be astounded at the cost to buy it yourself at age 62. there are lower-cost options, but not everyone qualifies. once you’re 65, you can enroll in medicare and related coverage, with many plans costing less than under-65 plans. Good medicare advice is essential, however. Don’t just call the company advertising on tV, or respond to the junk mailings you’ll get each week. medicare choices matter, and one mistake can affect you for life. You need not worry about the cost of advice; no reputable agent should charge you—i certainly won’t.

When you do retire, it’s a good idea to roll your 401(k) or other retirement funds into an ira so that you can take charge of your money and be able to access information about it easily. more importantly, once you retire and have less time to make up for inevitable market losses, you might consider moving funds to safer investments to protect your nest-egg.

Every adult should have a will, and perhaps a power of attorney for financial and health matters. another good idea is to pre-pay for your funeral, since funds spent that way are generally safe from a medicaid spend-down if you end up in a nursing home. Long-term care, while something no-one wants to think about, affects all of us at some point. medicare does not usually cover it, and traditional Longterm care insurance is too expensive for most people. insurance companies recognize the problem and have started offering alternatives to make the coverage more flexible and affordable.

“Getting old ain’t for sissies,” as the saying goes. but with a little planning, i think we can handle it.

For assistance with these matters, you should contact a Financial advisor.

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