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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
Recent surveys show that younger Americans believe they will work past normal retirement age, which could become reality given the increasing amount of “retired” Americans who continue to work. But life has a way of altering the best-laid plans, so it’s important to establish a “what-if” strategy that addresses a shorter work life and longer retirement than you may plan.
While older Americans may be healthier and more active than previous generations were, you can’t apply generalizations to specific situations. For example, BLS notes that the labor force of the 75-and-older age group is expected to grow about 86% from 2014–2024. Those workers are putting a lot of faith into a future that can be uncertain.
How best to get going? Start by preparing financially with the help of a financial professional. Some older Americans continue to work to pay for healthcare, which can be expensive even when qualifying for Medicare. Make sure you have the proper health insurance beyond Medicare that covers out-of-pocket costs such as deductibles. Don’t forget about contributing to a Health Savings Account if you have a high-deductible health plan. You carry any balance until it’s exhausted without time restrictions.
As long as you’re working, increase your retirement plan and IRA contributions. If you qualify by income, contributing to a Roth IRA may also make sense because qualified distributions are tax-free. Then, if you have to stop work at 66, you have built some retirement income. If you keep working, keep building.
GE-2917467 (1/20) (Exp. 1/22)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
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GE-4833845.1 (7/22)(Exp. 7/24)
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