Physicians monitor the health of their patients by measuring a range of vital signs to help detect signs of potentially deteriorating medical conditions in individuals. Similarly, financial professionals must also monitor the vital signs of a retiree’s retirement income plan due to the special challenges of sustaining retirement income over 25 or more years.
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There is no shortage of discussion of the financial challenges faced by retirees. Even many of the psychological challenges get their fair amount of coverage. One critical topic, however, doesn’t—the pressure retirement places on retirees’ marital relationships.
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However wonderful a dancer Fred Astaire was, Ginger Rogers did everything he did, but backwards and in high heels. Women planning their retirement may sometimes feel like Ginger Rogers—having to execute far more difficult steps just to keep up.
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Individuals often view retirement income planning and legacy planning as discreet exercises. In fact, these planning objectives can both be met through the use of charitable remainder trusts (CRTs), which is an irrevocable trust in which you—the donor—receive income generated by the assets donated to the trust, while the remaining assets at your death are distributed to a charity selected by you.
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Retirement dreams, more often than not, involve making big purchases. They may range from a two-month tour of European cities to buying a second home. If you perform an internet search on “big purchases in retirement,” many of the results center on discussing the biggest big-purchase mistakes retirees make.
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