Do you know what you're getting into for your retirement? Data from the Elder Index shows that most elders cannot make ends meet and we are just now beginning to understand the cost of retirement.
The New York Times showcased two partners in a financial advisory practice in North Carolina who run their clients through a "retirement bootcamp." It helps their clients prepare for life in retirement by evaluating their expectations, current lifestyle, and economic preparedness.
The bootcamp encourages the following from participants: (1) an analysis of current cash-flow, (2) a net worth statement, (3) insurance audit, (4) goal setting, (5) a plan to increase savings before retiring, (6) tax planning, (7) charitable giving, (8) estate planning, (9) pseudoretirement (an explanation of what your retirement will be like).
Data from the Elder Index can be tremendously helpful in planning your retirement. To access the Minnesota Elder Index, click here. For other states, click here.
By Marie Nelson