Retirement Planning

What type of steps have you taken to prepare for your retirement years?

• Do my investments match my risk tolerance?
• Do you have a source of guaranteed income, such as an annuity?
• Have you created a life insurance policy that covers your long-term care expenses as well as leaving a legacy to your beneficiaries?
• What happens if you or your spouse are stricken with an illness or need to be placed in a nursing home?
• How will your children/beneficiaries pay for your funeral costs?

The biggest question probably is, "Will we ever run out of money during our retirement years?"

According a Transamerica retirement survey, the median retirement savings for all households in the U.S. is $50,000. This number is higher for older generations, with baby boomers having a median of $152,000 in retirement savings and Gen Xers having a median of $66,000. Millennials currently have the lowest median retirement savings at $23,000, but they also have the most time left to save before retirement.

Another statistic from the Transamerica survey is 29% of Americans have taken early withdrawals from their retirement accounts. When times get tough, nearly 3 in 10 Americans dip into their retirement savings, according to Transamerica. Common reasons for taking withdrawals include paying down debt, unplanned medical expenses, and paying for higher education.

That's why Foxcroft Retirement has access to multiple financial service products, so our agents can provide you with ideas on how to save for unforeseen and predicted retirement expenses.

With a balance of products, you can plan based on your lifestyle goals and hopefully enjoy your retirement years financially stable with the ability to leave a legacy.

How can we help you with retirement planning? Talk to our agents about what you need and want in retirement. We'll align your goals with annuities, life insurance, and long-term care insurance.

From there, the choice is yours on how you want to protect your retirement funds through an insurance product. We'll guide you to products from top-rated carriers, so you can make an informed decision.