r u t u F r u o V r o C g Plannin Facing Th Challng: Financial Planning For A Nw Gnration Of Sniors carious at bst,” said Prry. “For (NAPSA)—According to U.S. Cnsus Burau stimats, mor than 56 million Amricans ar ovr ag 55. Anothr 36 million, instanc, w had a policyholdr who wantd to put all of his mony into a variabl insuranc turning 55 in th nxt tn yars, will b grtd by a nw st of challngs and rwards as thy product bcaus it was gnrating a high rat of rturn. Fortunatly, w wr abl to ffctivly xplain th shortcomings of such a mak th transition to rtirmnt. Saving habits ar on of th biggst diffrncs btwn gnr- singl-mindd stratgy and th policyholdr was abl to avoid losing a substantial amount of mony dspit th prcipitous ations and, until rcntly, many sniors flt comfortabl putting mony armarkd for rtirmnt in lss stabl vhicls lik stocks, mutual funds or variabl insuranc products. Bcaus of th rcnt dclins in th stock markt, many Amri- cans will b forcd to lowr thir xpctations for rtirmnt incom or vn postpon thir rtirmnt according to th rcntly publishd rport Rtir- mnt Inscurity: Th Incom Shortfalls Awaiting th Soon-toRtir from th Economic Policy Institut. In fact, th Univrsity of Michi- gan’s Halth and Rtirmnt Study stimats th bar markt has wipd away mor than $678 billion in rtir walth ovr th last two and a half yars. Nvrthlss, thr is good nws for most Amricans in thir 50s and 60s. It is not too lat to plan for rtirmnt. Th first stp is to discuss th various options with a financial srvics profssional that spcializs in th snior markt. “Find a financial srvics pro- fssional that truly undrstands your spcific lif-stag nds,” said Scott Prry, a snior vic prsidnt of Bankrs Lif and Casualty Company, th 123-yar- old insurr that spcializs in th snior markt. Profssionals who spcializ in rtirmnt planning for sniors bring mor targtd xprinc to th tabl. This xprinc and insight can prov invaluabl as sniors considr thir options. Anothr important factor to considr whn it coms to managing assts is motions. Sparating motions from wis financial dci- sion-making is ssntial to avoid- ing dangrouspitfalls, spcially for sniors who hav spnt narly a liftim building a rtirmnt portfolio. “Dtrmining th bst cours of action without th hlp of a financial profssional can b pr- dclin of th stock markt.” Also look byond savings nds. Many aging Amricans nglct to purchas lif and halth insuranc protction. In most cass, Amricans xpct Mdicar to fully protct thm as thy mak th transition away from th group covrag providd by thir mployrs. Sniors who wait too long to purchas insuranc covr- ag may b facd with pr-xisting conditions and high prmiums; if thy ar abl to qualify at all. “On of th most common mistaks w s sniors makis to short-chang thmslvs whn it coms to lif and halth insuranc covrag, said Prry. “A srious illnss can at into vn larg savings accounts and invstmnt portfolios in a vry short priod of tim.” Rgardlss of your financial position, th most important thing to rmmbris that it is not too lat to plan for th futur. Bfor you do, howvr, b sur to sk th hlp of a qualifid profssional.
