With age comes mental decline. Because of this, retired folks are preyed on more by financial scammers than any other age group. 

Retirees find themselves helping family—children, grandchildren, and even their own parents as life expectancy increases. Well-planned retirement plans should take into consideration the chance of having to help family. 

Health Care Needs

In retirement, folks typically spend $250,000-300,000 alone in medical expenses With scientific advances being made every day, life expectancy increases. Statistically speaking, the longer one lives, the more of a chance they are to experience medical needs—unpredictable and expected. 

Public policy has a huge impact on programs such as Social Security, Medicare, and Medicaid. If major changes are made within these public policies it could cause an increase in taxes, reduction in benefits. Uncertainty is detrimental to a safe and secure retirement.

It is not secret that the Covid-19 pandemic has affected the economic climate and financial health of our world. Recovering from it will take many years. A lot of folks took advantage of the CARES Act early distribution relaxation to offset financial downturn. 

Retirees often only have a 401(k) as their investment vehicle in their portfolio, especially if they do not meet with an advisor to determine other options. Knowing the risks and how the ball is majorly in your own court will help you save for a secure retirement.

Reverse mortgage allows for extra funds in retirement. This could be as a means to have for living or use for emergency or to supplement a loss with an economic downturn in retirement savings.

Retirement is a new chapter of life. Going from an era of structure, be it from work or raising a family, to an era of almost zero structure is a gigantic life adjustment. It is important to tend to your retirement portfolio and your mental portfolio just the same.  

Interesting Fact: 1 in 5 retirees experience poor mental health; 2 of 5 in care homes experience depression/poor mental health