Q. Robert, I am currently working and plan on retiring in a few years. I should have my basic income needs taken care of, however I am slightly concerned about planning for long-term care costs. I find the idea of saving for long-term care frustrating because I do not know if I will even need it. Is this something I should be worried about? – Marcy, Winston-Salem
A. Marcy, planning for the complications of health issues related to old age is an uncomfortable, yet necessary task. While the needs are often unpredictable, planning for long-term health care expenses can save you and your family members some future stress. There are a variety of options, including long-term care insurance, as well as long-term care benefits from optional riders on life insurance or annuity products. I would strongly advise you to speak with a financial advisor about the variety of long term care options available.
Q. Robert, my husband and I are both 67 and will be retiring in June of this year. I have a pension and we both plan on drawing Social Security. I am not concerned that we will outlive our money, but I am concerned that with inflation our money will not go as far as it does now. What should we do? – Mildred, Kernersville
A. Regardless of how solid your retirement income strategy may be, if it does not account for inflation, you could lose momentum or even backtrack on years of hard-earned savings. It is important to regularly evaluate your financial strategy to ensure it reflects your current goals and objectives as there are a variety of financial products that can help meet your retirement needs. I would recommend that you speak to your advisor about your concerns and be conscience of price changes that you notice in routine purchases.