Create a mock-up individual situation, building an income situation, an expense outline, and integrating these with a long-term plan leading toward retirement. Take investment rates into account, as well as inflation. KEEP IN MIND that subject requires long-term care from age 70 through the end of life at 83.
Please include:
Detailed expense estimates for current lifestyle and for retirement lifestyle.
Current situation assessment: income sources, assets, liabilities.
Think carefully through housing: mortgages, property taxes, insurance, etc. Consider when and how to pay off mortgage.
Integrate a retirement plan (or more). IRA’s, 401-k’s, whatever mix you find appropriate.
Integrate Social Security. Develop a careful estimate of payouts, based on income levels and qualifications.
Integrate Medicare expenses
Embed these estimates into a plan, using inflation estimates to forecast expenses, and investment growth estimates to forecast resources.
Make plans to leave a legacy. Think through what kind and size of legacy is appropriate, but try to design the plan so that it does not eat up all the resources.
