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Individual Retirement

What are the challenges of planning for retirement?

As you near retirement, your strategies may need to change to meet new and unexpected needs. Here are a few challenges to consider:

Your pension and social security may not be enough. Few corporations offer pensions and the number of workers covered by a contribution plan, such as a 401(k), has steadily declined in the last 30 years. Social security provides only a minimal level of income and not a comfortable retirement, and in recent years its sustainability has come into question.

You may live longer than you think. The likelihood that at least one spouse of healthy couple will reach age 95 is almost 50 percent.

Health care expenses can add up. The average senior retiring at age 65, will need almost a quarter of a million dollars to pay out-of-pocket health care for the rest of his or her life.

Inflation could impact your spending power. Assuming a three percent average annual inflation rate, in 20 years it will require an income of $131,000 to equal the spending power of $75,000 today.

Changing markets can have a dramatic impact. A market downturn, just before or after retirement, can mean you may run out of money earlier than anticipated.

How can Ferruso & Associates help me be “retirement ready?”

Unexpected events can have a dramatic impact on your retirement savings. Ferruso & Associates can help you plan ahead to protect your financial future.

Investing in different asset classes, such as stocks and bonds, plays an important role in a retirement income strategy, but may not be enough to meet all your future financial needs. Ferruso & Associates will help you devise a product allocation strategy to guarantee streams of income and create an optimal mix of products, based on your personal needs, resulting in a successful and sustainable retirement income plan.

Schedule an appointment with Ferruso & Associates today!

Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck