Congratulations! You’ve entered your retirement and are ready to start a new chapter in your personal life. It’s a new chapter financially, too. Here are some tips to make the most of your assets after you’ve left the workforce.
Now that you’re no longer earning a paycheck, you need to start using those retirement funds you so carefully accumulated while you were working. Making large purchases or otherwise spending a lot right out of the gate may seem like a well-earned reward, but remember: You’ll be living off of this money from here on out. Prepare a strategy for your disbursements in such a way to help you maintain your comfortable lifestyle as long as you need to.
You may no longer be acquiring funds at the same rate you did before, but you still can put your retirement principal to work. Lower-risk options may be one possible choice at this stage of life, and a financial professional who is experienced in post-retirement investments can help you choose a suitable product to make the most of your funds.
Plan for long-term care
According to the U.S. Department of Health, retirees 65 and older likely need an average of three years of long-term care (LTC) in their lifetime, and 20 percent will require care for longer than five years1. It’s probably prudent to prepare for this possibility, either through asset-based LTC products or LTC insurance.
1 "How much care will you need?". ACL Administration for Community Living, Last modified on 02/18/2020.
OneAmerica Financial is the marketing name for the companies of OneAmerica Financial. Non-registered group annuity contracts are issued by American United Life Insurance Company® (AUL), a OneAmerica company, One American Square, Indianapolis, IN 46282, 1-800-249-6269. Group annuity contracts are issued by AUL and registered variable annuity products are distributed by OneAmerica Securities, Inc., a Registered Investment Advisor, Member FINRA, SIPC, One American Square, Indianapolis, IN 46282. Not available in all states or may vary by state. Provided content is for overview and informational purposes only and is not intended as tax, legal, fiduciary, or investment advice. Investing involves risks, which may include potential loss of principal.