For Mark Roberts’ Use: We often tell our clients that retirement is a marathon, not a sprint. So yes, it is important to establish a retirement savings goal, and work steadily toward meeting it over a number of years (or decades, even). However, that doesn’t mean you should never sit down and re-evaluate your strategy. As you continue to plan for the future, meet with us regularly to discuss how and why your plans might change.

What’s your life expectancy? If you established your savings goals years ago, you might not have realized just how long you will be living on your retirement savings. Today’s retirees can expect to live to their mid-eighties, and that’s just an average. Many of you will live several years beyond that, even well into your nineties. If you’re in great health headed into retirement, this is great news… But you might need to plan for many years of income in the future.

The cost of healthcare won’t level off any time soon. Retirees face a twofold problem with regard to healthcare: First, we’re all more likely to experience health problems as we age, and therefore need increasing levels of healthcare. Second, the cost of healthcare has been rising at two to three times the inflation rate over the last few years, and doesn’t appear to be slowing down. Medicare will not cover 100 percent of everything you will need, leaving you to foot the bill for many medications and services. This can drastically impact your lifestyle if you’re living on a fixed income.

Pensions are disappearing. Your parents might have enjoyed a generous pension in retirement, but those types of retirement provisions are becoming increasingly rare. Most of your retirement income will be generated by your own efforts, and the decisions you make now will impact your future lifestyle considerably.

These three concerns will affect just about everyone planning for retirement. According to your own situation and needs, you might have other concerns. Call us to schedule an appointment, and we can help you decide whether you need to re-evaluate your financial strategy to provide for your future needs.