“I’m Feeling a Bit Overwhelmed”
The following questions serve as a checklist to help you review the steps detailed in this guide and to evaluate the various options available to you.
- Do you have a financial advisor or someone else you trust in that capacity?
- Do you have health insurance?
- If not, can you secure health insurance through employment?
- Have you evaluated which public resources you might qualify for — Medicare, Medicaid, Social Security, Veteran’s Benefits, etc.?
- Have you carefully set your goals and reviewed your financial resources?
- Do your goals include leaving assets or funds to beneficiaries?
- Do you need extra income to cover medical expenses or alternative treatments?
- Are there other goals you would like to focus on, such as trips with family or friends?
- Have you evaluated the implications of early withdrawal of retirement benefits?
- Do you own your home? Do you have assets to sell?
- Have you arranged these assets according to high-tax/low-tax implications, as well as those that are critical and not critical?
- Have you evaluated the benefits of selling and renting versus a reverse mortgage or other forms of financing?
- Do you have assignable life insurance?
- If not, have you looked at options to purchase life insurance?
- Have you carefully reviewed all the benefits and drawbacks of the options available to tap into the value of your life insurance policy?
- Have you compared your potential income sources against your priority goals?
- Have you left some income flexibility for a longer-than-anticipated life expectancy?