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Retirement phases plan
This document outlines a general plan to address various financial issues in three phases: retirement income, lost survivor income, and estate planning. It lists possible sources of income or solutions for each phase, such as pensions, social security, retirement savings, life insurance, and trusts. The plan emphasizes putting solutions in writing, reviewing them periodically, and deciding on a plan by considering available resources that can only be used once.
Retirement phases plan
- 1. General Plan forVarious Issue Solutions A plan is not much of a plan if it can be easily forgotten. Solution … write it down. Put it with key documents. Review when life suggests. How are you planning on using your resources … which can only be used ONCE. Issue Possible Sources (in no order) OUR Solution(s) … "What's OUR plan?" Phase I Retirement Income Pension Social Security Retirement Savings Home Equity (Reverse Mortgage) Phase II Lost Survivor Income Life Insurance From Lost Pension Retirement Savings (Set Aside) From Lost Social Security Home Equity (Reverse Mortgage) Downsize (move) Phase III Estate Planning Living Trust w/ all other docs. Plain Will (auto. Trigger probate) No plan or documents (State law) Beneficiary Designations Other Issues Possible Sources (in no order) Health/Medical Care https://www.healthcare.gov/ "Acute Care" Long Term Care Self Insure from retirement savings "Chronic Care" Long Term Care Insurance (LTCi) Home Equity (Reverse Mortgage) Sale of Home (last survivor) Other Notes