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5 Little Known Facts About Retirement Planning
November 24, 2020 at 5:00 AM
Couple planning for retirement.

Here at OWLFI, we help our clients to plan for a great retirement in Lenexa, KS, and right across the area. We offer commercial insurance advice, estate planning services, and tax consultation to help our customers achieve the very best in peace of mind and stability.

With this in mind, we wanted to share with you some of the little known facts about retirement planning to help you get started on your journey to a fruitful, fulfilled life during your golden years.

Getting the Balance Right Lays the Foundation for a Great Retirement

During your younger years, the focus is generally on saving, but as you get closer to retirement, you need a slightly more dynamic approach. Of course, you are thinking about your estate and what you'd like to pass on to your loved ones, but you also need to be thinking about how to unlock your assets to give you the best possible quality of life.

This is actually what makes retirement planning so important. It's not just about having enough money or enough wealth; it's about being able to use that wealth in a way that suits you. 

Healthcare Insurance Might Not Be as Reliable as You Thought

Healthcare costs are very high in the USA. Don't worry; you might say, I've got health insurance. Well, commercial insurance is great, but don't forget that situations change as we get older, and sometimes the insurance coverage we thought we had isn't quite enough.

What's more, insurance premiums increase as we get older too, which can make it difficult to achieve the right healthcare coverage. This is something that is causing stress and anxiety for lots of our clients.

The answer? Get insured, of course, but support your commercial insurance coverage with your own smartly-invested funds to keep yourself protected.

Around 40% of People Are Worried About Retirement Finances

Research from The Motley Fool found that as many as 40% of people are worried that their retirement finances will not be quite enough to give them the quality of life they need. We can confirm that many of the people we talk to are also experiencing this anxiety, and also that these worries can be easily averted.

With retirement planning, you will be able to demystify your finances so that you know to a reasonable level of accuracy how much you have to work with. Expert advisors will also help you understand the growth potential of your investments and your assets, giving you a clearer picture of what you can expect -- and helping you look forward to retirement, worry-free.

Americans are Living Much Longer These Days

Life expectancy is increasing across the USA. This is great, of course, and shows us just how far our lifestyles, our healthcare, and our attitudes to taking care of ourselves have come in recent years. However, it does, of course, mean that retirement funds need to stretch a little further.

On average, in 2018, someone aged 80 could expect to live another 9.2 years. And don't forget that this is just an average. Plenty of people are living much longer than this, through their 90s to 100 and even beyond. With this in mind, retirement planning becomes an essential service.

You May Decide to Work for Longer

Many people can't wait to retire, but not everyone. Of course, you won't want to continue with the kind of workload you took on as a younger person, but this doesn't mean you can't enjoy your livelihood in a more limited capacity or augment your income with a bit of extra cash each month.

Many Americans are deciding to do this, and if you are one of them, you may need to incorporate this into your retirement plan.

Plan for Your Retirement with OWLFS

Our expert team is on hand to take care of your financial wellbeing and to help you plan for the future. Want to learn more about what we can offer to clients across the Greater Kansas City area? Reach out today.