An individual or couple leaves their full-time employment and no longer receives a paycheck. They rely on an income stream from investments, retirement accounts, social security and possibly part-time work.
Questions You May Have:
Can I afford to buy a second home?
Will I outlive my assets?
Why are long-term care costs so high?
Do I need a living trust?
Wanting investment stability, but requiring more income than a fixed investment will provide
Travel and leisure expenses are higher than anticipated
Surprised by the tax withheld on retirement plan distributions
Results of Insufficient Planning:
May need to go back to work or depend on family for financial support
A large part of discretionary income is used to pay for prescription drug costs
A health care directive or power of attorney is not in place