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continued from page 9 (6%-7% on average per year, according to the Bureau of Labor Statistics) and political threats to Medicare—and with longterm hospitalizations and catastrophic illnesses looming like a shadow in every aging person’s mind—health care is suddenly a top issue in retirement planning. Now, over one-quarter of retirees will need nursing home care at a current cost of around $100,000 a year. Costs vary by state, but can easily be double or triple that for assisted-living or homes with private rooms. And try to project that cost in another twenty years!
Make sure periodic reviews are conducted on your portfolio. Talk with your financial advisor to review and rebalance when necessary. Michael J. Donnellan is President of King Financial, Inc. specializing in stock selection and retirement planning. Feel free to contact him with any questions or comments at the M3 Wealth Management office at 17601 W. 130th Street – Suite 1 in North Royalton, Ohio. Phone number (440) 652-6370 Email: donnellan@m3wealthmanagement.com
The bottom line appears to be that retirement is not a crisis, but it requires care, close periodic consultation, a willingness to pare expenses when markets slump and the ability to take on a bit more portfolio risk than planned. And stay as healthy and as fit as possible.
Securities and advisory services offered through L.M. Kohn & Company Registered Broker/Dealer Member FINRA/SIPC/MSRB 10151 Carver Rd. Suite 100 – Cincinnati, Ohio 45242 (800) 478-0788
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