Myles Haverluck Points Out Overlooked Financial Planning For 65+

Americans are living longer than ever and as a result, Myles Haverluck says financial planning for 65 and over has become inevitable. But how do you diversity a nestegg into a monthly flow of income that will continue throughout your lifetime? Tax and Finance guru, Myles Haverluck says this issue has gained new urgency. It’s nothing like your mom and dad’s retirement, when everyone lived off of Social Security benefits and collected a pension.


What Should You Be Looking At?

• Fixed income annuities. Here’s an attractive blend of earnings plus security, and there are few equivalent products. Envision an asset that provides you with a guarantee to receive your investment back with interest. That’s how annuities work.

• Longevity insurance for the aging. There’s an investment fund called longevity insurance that doesn’t start to pay out until the age of 85. The strategy behind this investment is to have enough retirement income in case you outlive your other investments. Say you invest $50,000 at age 65 into the longevity investment fund. The payoff doesn’t kick in until age 85.

• Reverse mortgages. This type of mortgage is a loan against the equity in your home. Of course, like many other loans, it may not be the right investment for every retired person, however, a reverse mortgage can offer you a constant flow of cash, minus the fear of facing foreclosure. Since the loan is controlled, you aren’t required to repay it until you leave the home.

• Buy long-term care insurance. You’ve had a lifetime to create a nice nest egg, but should you be frightened about the possibility of this money quickly evaporating because of the barrage of nursing home fees. Experts predict baby boomers hitting that age over 65+ will need long-term care services yet less than 23 percent of that group own a policy.

Myles Haverluck points out that at times sensible retirement planning can seem overwhelming. However, following a few basic guidelines to ensure a happy life is relatively easy to implement.