Retirement comes with a lot of potential risks, but two stand out – longevity and health care – because they are big unknowns. Jeff Gove addresses these as well as more known factors such as taxes and being prepared.
- The Retirement Compass process takes planning into account through age 95 to address the issue of longevity. Their software gives a probability of success for each individual plan
- Health care is expensive and Medicare plans have numerous options available – one of which can fit any situation. However, long term care is not covered by Medicare and needs to be addressed separately
- Most people don’t think about control of taxes, but in retirement you can determine when and how you can pay them. You also have control of your tax bracket, which will help determine the amount of taxes you pay