The Society of Actuaries has released a retirement planning guide for retirees who are starting to think more about assisted living than where to build a fishing lodge.
The retirement specialists at Financial Finesse, a financial wellness company, have developed the “Guide to End-of-Life Decisions”. It includes sections on health care; housing and transportation; manage finances; and creating a support network.
In the section on retirement income, for example, the guide’s authors note that defined sources of income may include social security, retirement benefits, rental income, reverse mortgage proceeds, annuity income and “viaticum settlements”, which are often grouped together with life settlements, or a wide range of life insurance policy sales.
“Some defined income streams…provide guaranteed income for life, while lump sum assets can be depleted if spent too quickly,” according to the guide.
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