by John Darer CLU ChFC MSSC CeFT RSP CLTC
Almost 50% of Americans between the ages 45-70 have no financial plans in place to protect themselves against outliving their assets and the rising cost of healthcare should they live longer than they expected, according to a new survey released today by the Society of Actuaries (SOA). Additional findings show more than one-third are worried about running out of money during retirement, but only 20 percent plan to purchase an annuity or other form of guaranteed lifetime income to protect their assets.
Plaintiffs, claimants and attorneys should not fail to consider a balanced approach and plan for longevity risk as well as other exposures such as disability, long term care, the loss of income and physical support of a spouse due to death or diability. Those who avoid even considering structured settlements, annuities, life insurance, disability insurance, healthcare financing methods such as Healthcare Savings Accounts (HSA), or long term care insurance could be left holding the bag. For example, if you are parents of a child with a profound disability, as part of your overall financial planning, be sure to account for your own needs with your own resources, in addition to considering the needs of the child.
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