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Retirement – Event or Process? Part III


Stage IV- “Late Retirement” (80 and up)

In late retirement, medical spending will tend to be the highest, as it is the latest years of life. Medicare will cover some of your expenses, but you’ll still have out-of-pocket costs for copayments, deductibles, coinsurance and/ or prescriptions. You’ll also have expenses to consider if you decide to move to an assisted living facility, nursing home or hire a home health aide. If you have long-term care insurance, it will ease the burden of any nursing-home or home health aide bills.

Finally, looking at what you have left, you’ll need to think about what you want to spend during your lifetime and what you want to leave to others. Make sure any charitable bequests are in place. 

The Bottom Line

Retirement is an in depth process, as well as an important life event. In a best-case scenario, your savings will need to last three decades or more. The expenses at each stage of retirement are associated with how you choose to spend your time, where you decide to live, and your health. If you take these factors into account and evaluate how they will change throughout your retirement, you can budget accordingly.

At each stage, spend the time to crunch the numbers and draw up your budgets: it’s the best way to understand where you are and what to do next.  And as always, we at Gainplan are ready to assist you in helping ask the right questions, as well as getting those questions answered.




This commentary on this website reflects the personal opinions, viewpoints and analyses of the Gainplan LLC employees providing such comments, and should not be regarded as a description of advisory services provided by Gainplan LLC or performance returns of any Gainplan LLC Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Gainplan LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

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