Live long and financially strong with these 3 tips

Face the financial realities. The Northwestern Mutual 2015 Planning & Progress Study found outliving their retirement savings is among the top financial fears for Americans. Moreover, a solid portion do not feel at all financially prepared to live through their 80s and 90s. Combined with rising costs and the potential long-term care needs, avoidance is no longer an option.
Speak up. Though finances are an uncomfortable topic for many, a candid dialogue is essential to making important decisions. This is especially important when it comes to difficult topics like long-term care, which could impact the entire family. Understanding the concerns and wishes of your loved ones is the cornerstone of effective planning.
Know when you need help. When it comes to financial planning, half of the boomers (age 50-68) in the 2015 Planning & Progress Study said they were either informal or non-planners. Considering the correlation between planning and financial security in retirement, as well as the added complexities of longevity, a self-directed approach can be a risky bet when the stakes are high. An expert can take an objective look at your finances and tailor a strategy that adapts as your financial needs evolve.
(To learn more about more about planning for longevity try the lifespan calculator, and a Long-Term Care Cost Calculator.  MG)
 
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