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Planning and Advice

Preparing for retirement

As people think about retirement, one question usually comes up: “Will I have enough money?” And when you consider how many Americans say they’ll never be able to afford retirement, (see the quiz below) that question takes on even more importance.

Preparing for retirement

Expenses: a first step

To know how much income you’ll need in retirement, you can start by estimating what your living expenses will look like. Our worksheet can help.

How will my income look?

How much monthly income will your retirement savings provide? You’ll need to know so that you can factor this in with other income sources, including Social Security benefits and retirement plans such as a 401(k).

Save all you can now! And take advantage of savers' tax credits especially for young adults and other earning lower incomes.

Enter your information in our retirement income calculator to see where you stand. And learn how to make the most of the time and money you have for a better future by estimating your income needs.

From savings to income

Consider rolling over your 401(k) accounts and adjusting your savings/investment accounts to fit your retirement needs. An advisor can help you do that.

An annuity can provide you with steady cash flow during retirement. You have peace of mind from knowing that you’ll receive your regular payment no matter what the stock market may be doing.

Health plans

Medicare helps older adults pay for some of their medical bills. Learn more about additional insurance options to pay for other medical bills. Learn more about the Everence wellness benefit for older adults.

Long-term care protection

Health insurance plans don’t pay for most long-term care services, and Medicare doesn’t either.

Long-term care insurance can protect you from the significant costs associated with nursing home or home health care convalescence.

Life insurance

We may not think of life insurance as part of a retirement plan, but it can help pass on your business or estate assets to your children or a charity.

Social Security will be enough, and other myths

Check out five common misconceptions about saving for retirement so you’ll be better prepared when the time comes.

Do you have specific retirement questions or need more information? Talk with an Everence advisor.

Are you ready for retirement?

Take our quiz to find out