During the early years of your retirement, be extra conservative when drawing income from your investments. The reason is because a drop in the market value of your portfolio, when you begin taking withdrawals, could have a devastating impact on the future value of your investments. This is referred to as the sequence rate of return risk, and is unique for income investors.
In my thirty-plus years of providing financial advice, more often than not, I have found family relationships are greatly strained when inheritance passes from one generation to the next. Parents tend to act as mediators between children. However, once mom and dad are gone, brothers and sisters are prone to fight more often and more aggressively.
Before I share my story of how I saved 90% on my one and only prescription medication, I want to start off with a bit of a rant. There are parts of our health care system that badly need fixing. This account illustrates one such area. As you will read, my savings started with several complaints to my insurance company about the cost of my medication.
As our nation ages, more of us find that we need to be concerned with senior care facility options either for ourselves or a parent. There are numerous possibilities with different price points and services. The cost for some facilities must be borne entirely by the resident while government and social welfare programs will pay for others.