However, you still might be able to do all of the things you were doing before, and now it takes a little more energy to do them. Driving might become a little more difficult, and you are moving a little slower. Those aches and pains start to act up a little more, requiring a few more doctor visits than before. Finally, in the third phase, you may no longer be able to live independently. Things such as cleaning your house and grocery shopping may require you to hire someone to help or need support from a nurse or family member.
During this phase, healthcare costs really go up, and you need products and strategies to help you plan for these costs, such as long-term care insurance products , commonly referred to as linked benefit products. These products combine life insurance with long-term care benefits, allowing you to access benefits to pay for services such as skilled nursing, in-home care, and medical services.
Additionally, other insurance products such as a fixed index annuity can increase the income you receive, should you no longer care for yourself. Then there are Medigap policies that can cover some of the expenses that Medicare does not.
A CD is a traditional savings account that earns interest over time. When CD rates are low , this type of solution protects your money but may not allow for enough growth.
You can also invest in traditional stocks and bonds. Putting your money in the market may come with risks and less protection than CDs but can provide the potential for greater growth. Annuities are insurance contracts that let your money grow, or you take income from it. Some annuities even allow you to let your money grow while also receiving that guaranteed lifetime income you need in retirement.
Any income, including investment income, is taxed, and those taxes can reduce your retirement assets. An annuity allows you to defer taxes while your money is growing and is taxed when you start taking income. Annuities can be a powerful addition to your financial plan when you want to protect and grow income in retirement. Timing is everything. Markets have gone up and down for as long as we can remember. And when you are saving for retirement, stock market corrections, while at times worrisome, may not be as consequential.
Because you have time on your side for the markets to recover before you need to rely on your nest egg, this is called the sequence of return risk. And if those stock market corrections take place early in retirement, the risk of outliving your savings can be magnified. Calculator Mortgage affordability calculator.
Calculator Mortgage calculator. Money troubles. Calculator Pension calculator. Calculator Workplace pension contribution calculator. Tool Find a retirement adviser. Calculator Redundancy pay calculator. How long might your money need to last in retirement? How long will your money last? Inflation Secure income Flexible income. How long does your money need to last? Did you know? To estimate your life expectancy, you can use the calculator on the Office for National Statistics website This can help you plan how long your pension might need to last.
Back to top. Secure income. This is income you can rely on for a set period or the rest of your life. The State Pension is guaranteed for life. Find out more in our guide Annuity options and shopping around. Flexible income. Find out more in our guide Options for using your defined contribution pot. Got questions about how your pension can be paid? Was this information useful? Yes No. Thank you for your feedback. Share this article.
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