1) What are Your Retirement Goals?

What lifestyle do you want in retirement and is it realistic?

Envisioning your retirement lifestyle is the first step toward determining whether it's realistic. Consider how you want to spend your time—whether that means traveling, pursuing hobbies or buying your dream home. Each of these choices carries different financial implications. Assessing your current savings, anticipating income sources, and calculating the longevity of your assets are crucial in determining your future lifestyle.

2) What Medicare Plan is Best for Me?

What are the differences between Medicare parts A, B, C, and D that I need to know about?

• Choosing the Best Medicare Plan is critically important, and your health, lifestyle and budget are factors that must be considered!

What are the Different Parts of Medicare?

• Part A: Hospital stays, skilled nursing, hospice, some home health care. 
• Part B: Outpatient care, doctor visits, preventive services, some home health care. 
• Part C (Medicare Advantage): An alternative to Original Medicare, these plans often include dental, vision, prescription drug, and other coverages. 
• Part D: Prescription drug coverage, standalone or included in Medicare Advantage plans. 

What is the right Medicare plan for me? Start by assessing your Healthcare needs. 

• Current Health: Consider chronic conditions, medications, and doctor visits. 
• Preferred Providers: Ensure your doctors and hospitals are “in-network”. 
• Prescription Drugs: Check the formulary of Part D or Medicare Advantage plans. Carriers can make changes from year to year. 
• Compare Premiums: Monthly payments can significantly vary by plan. 
• Deductibles and Co-pays: Out-of-pocket costs for services and medications. 
• Out-of-Pocket Maximum: The most you'll pay in a year, crucial for managing expenses. 
• Review Additional Benefit: Many Medicare Advantage plans offer extras not covered by original Medicare, such as dental, vision, hearing, and wellness programs. Assess these based on your needs. 
• Use Available Resources: Legacy Benefit Advisors offers NO COST, Personalized, Unbiased support.

3) What, if Any, Debt Are You Carrying?

What should I do about debt before retiring?

• High-interest debts, such as credit card balances and personal loans, should be prioritized, as they can quickly erode your retirement savings if left unchecked. Eliminating mortgage debt, if possible, before retirement will allow your retirement income to stretch further. Don’t forget to also consider those unexpected expenses that will certainly arise.

4) What is Your Current Status?

What is your current financial situation, your physical health and lifestyle aspirations?

• Assessing your current financial situation, physical health, and lifestyle aspirations are critical in creating a realistic and personalized retirement plan. Understanding your finances involves evaluating your income, savings, investments, debts and anticipated expenses, to determine how well positioned you are. 
• Your physical health can influence both your retirement timeline and healthcare needs. Your aspirations—whether it’s traveling, pursuing hobbies, or relocating —will also impact how much you need to save, and the kind of retirement plan you should create.
• By taking a holistic view of these factors, you can develop a strategy that aligns with your goals and ensures a fulfilling retirement.

5) What Sustainable Income Sources Do You Have?

What Social Security, Pensions, and other retirement income sources do you have?

• Social Security, Pensions, and other retirement income sources play a crucial role in providing financial stability. Social Security acts as a foundational source of income, helping to cover basic living expenses, while pensions, for those who have them, can offer a supplemental and steady income stream. 
• Other sources like 401(k) plans, IRAs, and personal savings provide the flexibility to supplement your income, fund discretionary spending, and achieve your desired lifestyle. These combined income streams create a diversified financial safety net that ensures you can maintain your desired live style. 

What amount of income do you need to retire comfortably?

• A common rule of thumb is aiming to replace 70-80% of your pre-retirement income, but this can vary significantly based on individual circumstances and retirement goals. Additionally, factoring in inflation and potential changes in spending habits are important considerations to ensure that your retirement income is sufficient.

6) What Age-Appropriate Investment Strategies Have You Considered?

What investment options should you consider? (401(k), IRA, Roth IRA, etc.).

• It's essential to explore a variety of investment options to build a robust and diversified portfolio. Traditional 401(k) plans and IRAs offer tax-deferred growth, meaning you don't pay taxes on contributions and earnings until you withdraw funds in retirement. These are particularly beneficial if you expect to be in a lower tax bracket later. Roth IRAs, on the other hand, provide tax-free growth and withdrawals, making them an excellent choice if you anticipate higher taxes in retirement. Additionally, you may consider diversifying with investment vehicles such as Annuities to minimize risk while maximizing your returns. Fixed and fixed-indexed annuities are very safe and will typically generate higher returns than other options. Each option has its own advantages, so don’t tread these waters alone. LBA is here to support you every step of the way.

7) What Healthcare Planning Have You Considered?

What Life Insurance Options Have You Planned For?

• Incorporating life insurance into your retirement strategy can provide a multifaceted financial safety net that extends beyond just securing a death benefit for your loved ones. A well-structured life insurance policy can offer cash value accumulation, which can be accessed as a tax-advantaged source of income during retirement. Additionally, life insurance can be a key tool in estate planning, helping to preserve your wealth for future generations. With LBA’s expert guidance, you can integrate life insurance into your plan, ensuring financial security for your loved ones after you’re gone. 

What is your Plan for Long-Term Care?

• Statistics show that 70% of adults will require long-term care at some point, and the average stay is 27 months. With current costs nearing $16,000 per month, without a plan your nest egg can be quickly wiped away.
• Long-term care is a critical component of retirement planning. While long term care insurance may be difficult to secure, many life insurance products and annuities are now available with long-term care riders that can minimize the financial burden.