Now that the Baby Boomers are retiring, more and more attention is being paid to their financial preparation.The results of the Wells Fargo Retirement Fitness Survey showed that Americans have saved 7% of the required retirement nest egg.Generally, people do not plan for a long enough life time.This is particularly critical for women who generally live longer than men.Eighty-five percent of women who reach 85 years are widows. A long-term care insurance policy is a critical piece of every woman's retirement plan.
It is a good practice to do an annual review of assets.This way both the husband and wife have a more realistic view of retirement. The age at which they take the larger Social Security check has a large impact on the widow's retirement income.
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"The ups and downs of the market make for an uncertain financial future while more stress is added with near-zero interest rates that fail to cover inflation. If retirement looms, what can be done? It is all so complicated, and you're getting conflicting advice. Is there a common sense guide that can be used to simplify money management in retirement? You're in luck."