We use cookies on this site to improve the user experience and analyze website traffic. To learn more about how we use cookies, please see our Manage Cookies page. You can adjust your cookie settings to allow only specific types of cookies. By continuing to use our site, you are agreeing to our Privacy Policy and cookies usage.

Locations

Longevity Planning

Your plan for a long, fulfilling life

It has become increasingly important not simply to plan for retirement, but to plan for longevity in retirement - all the years it might encompass, all of the ways your life will evolve and all of the unexpected events that could affect your financial plan.

Consider the following points as you plan, not just for retirement, but for longevity.

Where will you live?

Whether you have decided on your dream home or you already live in your dream home, housing will, most likely, be your biggest expense in retirement. Aging in the comfort of your own home might be ideal but could lead to modifications to your home, and your retirement plan as mobility and transportation challenges arise.

Do you want to remain in your home?
If you remain in your home, will it need to be modified for accessibility?
What housing alternatives are available to you, and what are the associated costs?
Would you prefer to downsize or relocate to a pedestrian-friendly community?

How will you get around?

Mobility means independence. Retirement life offers more freedom to go where you want, whenever you want. This may help explain why transportation represents the second largest expense for individuals older than 65, accounting for approximately 15% of their annual expenditures, according to the Bureau of Labor Statistics. We make sure to consider transportation as part of your long-term financial plan.

How will you reach your favorite locations in retirement?
Who will assist you if you are unable to drive yourself?
What transportation options are available in your community and how will you access them?

How will you safeguard your health?

Your health and your finances are woven together in complex ways. Many expect Medicare to cover their healthcare expenses in retirement, however, Medicare pays only a portion of healthcare costs. You will still have premiums, co-pays, and deductibles to manage. As you age, these healthcare expenses can accumulate significantly.

What will ongoing treatment cost over the long term for any existing conditions?
Do you know what costs Medicare will cover and what will not be covered?
How will you address the healthcare costs that Medicare will not cover?
Have you explored Medigap insurance options to fill potential coverage gaps?

How will you secure your legacy?

As you take the necessary steps to plan for a comfortable retirement, it’s important to think even further and consider what kind of legacy you want to leave behind. What plans need to be made to make sure assets are passed smoothly to your heirs along with the knowledge and guidance to manage it.

Have you devoted enough serious consideration in thinking about your legacy?
Who will have access to your important documents and information when the time comes?
How will you protect your assets and beneficiaries from financial fraud?

Who will take care of you?

As we all live longer, there is a strong likelihood that you may, at some point, provide care for a loved one or receive care yourself. Becoming a caregiver can be emotionally challenging and financially impactful, particularly if it requires taking time away from work. And long-term care is not covered by Medicare.

Do you understand the emotional and financial impact of being a caregiver?
How will you access the care you need as you age, and who will provide it?
Should you consider long-term care insurance as part of your comprehensive planning strategy?

Will you have enough?

It requires thoughtful and detailed longevity planning to make the most of the opportunities before you. Strategies for saving, investing and taking withdrawals all come into play. Making informed Social Security claiming decisions is also essential in optimizing your retirement income strategy.

When are you planning to retire and how will this timing affect your financial security?
What sources of income will you have available in retirement?
How much annual income will you realistically need to maintain your desired lifestyle in retirement?

Meet your financial advisors

Found 0 results for

View more associates

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, marketed as Trustmark Financial Services and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Trustmark Financial Services and Trustmark Bank are separately owned and operated and not independently registered as broker-dealers or investment advisers. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.

Raymond James Financial Advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Legal Disclosures | Privacy, Security & Account Protection | BrokerCheck^®

Longevity Planning