As we live longer, the need to make our money last becomes increasingly important.

In this insightful episode of Boomer Banter, host Wendy Green is joined by the esteemed Richard Eisenberg, an unretired freelance writer and former managing editor of Next Avenue, to tackle the intricate world of longevity planning.

We share practical advice for securing financial stability, and emphasize the need for "longevity literacy." Whether you’re nearing retirement, supporting adult children, or considering annuities and long-term care, this episode is packed with actionable insights and strategies for making your golden years financially secure.

Takeaways:

1. Importance of Preparation: Richard underscores the necessity of being well-prepared and informed about retirement planning. He advocates using retirement calculators or consulting financial advisors.
2. Supporting Family Financially: Wendy and Richard discuss the balance parents must strike when financially aiding their children for education, housing, and other expenses, while also securing their own financial future.
3. Long-Term Care Insurance: Richard recommends the purchase of this insurance in one’s fifties or early sixties to avoid Medicare coverage gaps. In later years, you might explore hybrid long-term care insurance policies.
4. Balancing Enjoyment and Security: The conversation touches on balancing spending on enjoyable experiences, like vacations, with financial planning and longevity considerations, stressing the need for mindful spending and saving practices.

Links

Find Richard on his podcast, Friends Talk Money, or follow his columns in Money Watch, Fortune and Next Avenue.

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