Will you have enough to retire at the age you want? Check out the retirement planning calculator below to see how your current savings measure up? If you aren’t saving enough, try and establish a plan to meet the shortfall. Don’t forget to also use the social security calculator to determine how much your benefit will be per month when you retire. It might be shocking to see how little you will receive in retirement from the Social Security Administration and be the boost you need to begin saving more for your future. When planning for retirement, also add in the costs of assisted living. I see people everyday who have used a significant amount, if not all of their savings, for assisted living or nursing home care because they didn’t have anything in place to protect them against outliving their retirement savings. Many people don’t factor in the possible need to pay $6,000 to $8,000 per month in assisted living or nursing home care and end up relying on Medicaid or their children when their money runs out. The last link below from the Wall Street Journal will show you new strategies to protect yourself from this happening to you.
Retirement Calculator
http://www.marketwatch.com/retirement/tools/retirement-planning-calculator
Social Security Calculator
http://www.ssa.gov/OACT/quickcalc/
Long-Term Care Insurance
http://online.wsj.com/news/articles/SB10001424052702303755504579208140221838618
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