Here’s something to think about: 72% of retirees say that one of their biggest fears is becoming a burden on their families, according to an Edward Jones/Age Wave study. Fortunately, there’s much you can do to avoid this fate.
For starters, contribute as much as you can afford to your health savings account, IRA, 401(k) and other retirement accounts. And devote a reasonable part of your portfolio to investments that offer growth potential.
Another suggestion: Prepare yourself for the possible costs of long-term care, which can be enormous. You may never need to enter a nursing home or use the services of a home health aide, but you won’t want to risk having your family assume these expenses. A financial professional can suggest an appropriate protection strategy.
Finally, make sure your estate plans include key documents, such as a financial power of attorney and a health care directive.
Taking these and other steps can help ease the worries of burdening your loved ones – and that’s a liberating feeling.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.