Retirement News : Seniors : Tuesday Focus Prepare your income intelligently for retirement

Tuesday Focus Prepare your income intelligently for retirement

Date Added: 19-10-2005

Baby boomers learn how to plan for retirement.  Read the excerpt below.

Montgomery Advertiser - Montgomery,AL,USA

October 19, 2005

by Katye Delashaw

Just as they've revolutionized American culture, baby boomers will re-invent retirement. They are expected to live longer, play harder and -- most telling of all -- many also are planning to work in some way in their later years. Not surprisingly, many also are worried about outliving their savings. With 76 million baby boomers heading toward retirement, it has never been more critical to plan for what lies ahead.

Here's a checklist for what you can do now to help position yourself smartly.

Health-care costs: We're going to live longer, but we're also going to require more in the way of health care. In your 50s, if not before, start thinking about long-term-care insurance, which pays for nursing home and in-home care. Also, factor the cost of regular health insurance into your retirement budget. One thing is for sure: it's not cheap. Health insurance premiums for a married couple easily can run upwards of $15,000 a year, according to Hewitt Associates' 2005 survey of national health costs. And remember that when you retire, the insurance policy you walk away with, called COBRA, will expire after 18 months unless you convert the policy.The bottom line: Do your homework to see what works best for you.

Read the entire article:

http://www.montgomeryadvertiser.com/apps/pbcs.dll/article?AID=/20051018/BUSINESS/510180356/1003