Bring Clarity to Your Finances™

Clarity Financial Planning Services is an advocate for your financial future who takes a holistic approach to your needs and goals.

Tips to Reduce Retirement Stress

Many people are under a lot of stress right now. They are concerned about the present state of their finances and wondering how they will finance the future.  The Motley Fool offers “3 Tips for a Less Stressful Retirement.”

Diversify Your Portfolio: You know the time-honored saying about not putting all of your eggs in one basket, right?  When it comes to investing and finance a more official term is asset allocation. No matter how you say it, the idea is not to put too large of a percentage of your resources into a certain type of investment. The way you allocate your assets will depend on you age and other factors. A Fee-Only financial planner can help  you decide how to invest based on your financial goals.

Contribute to a Health Savings Account (HSA): Those who are eligible  should open a Health Savings Account to have funds specifically dedicated to medical expenses. You have to be enrolled in a high-deductible health insurance plan in order to open a Health Savings Account. An HSA offers tax-free withdrawals and the funds never expire.

Get Long-term Care Insurance: The article acknowledges that long-term care insurance is additional expense and still suggests reader take a change on long-term care insurance since a high percentage of seniors will need long-term care at some point since “your policy could more than pay for itself if you wind up in a nursing home for the last three to five years of your retirement.”  The Motley Fool advises that people in their 50s think about long-term care insurance but notes that healthy people in their 60s may be able to  get long-term care insurance policies without paying too much. And if you take their advice about opening a Health Savings Account, you can money from that account to pay the premiums for your long-term care insurance.