4 Essential Retirement Assets: The Majority of People Possess Only 2 or 3

by | Feb 13, 2024 | Spousal IRA | 6 comments

4 Essential Retirement Assets: The Majority of People Possess Only 2 or 3




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retirement planning is an essential part of financial management, and it’s crucial to consider the types of assets you’ll need to support yourself after you stop working. While many people focus on saving in their 401(k) or IRA, there are several other assets that can provide security and stability in retirement. It’s important to have a well-rounded portfolio that includes a variety of assets to ensure that you’re prepared for the unexpected. In this article, we’ll discuss four must-have retirement assets that many people overlook.

1. Real Estate
Real estate is an often overlooked retirement asset, but it can provide a steady stream of income and can increase in value over time. Owning rental property can provide a reliable source of passive income, which can be especially valuable as you age. Additionally, you can downsize your primary residence and use the proceeds to support your retirement lifestyle. Real estate can also act as a hedge against inflation, as property values tend to increase over time.

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2. Health Savings Account (HSA)
A health savings account is a tax-advantaged account that allows individuals to save for medical expenses. Contributions to an HSA are tax-deductible, and withdrawals used for qualified medical expenses are tax-free. Once you turn 65, you can use the funds in your HSA for any purpose without penalties. This makes an HSA a valuable asset for retirement, as healthcare expenses tend to increase with age. By utilizing an HSA to save for medical costs, you can protect your retirement savings from being depleted by unexpected health issues.

3. Annuities
Annuities are insurance products that provide a guaranteed income stream for life or a specified period. While annuities can be complex and come with various fees and restrictions, they can be a valuable addition to a retirement portfolio. Annuities can provide a reliable source of income and can act as a form of insurance against outliving your savings. Additionally, some annuities offer protection from market downturns, providing a level of security for retirees.

4. Long-Term Care Insurance
Long-term care insurance is another often overlooked retirement asset. As people age, the likelihood of needing long-term care increases, and the costs associated with it can be significant. Long-term care insurance can help protect your retirement savings from being entirely consumed by these expenses. By purchasing a long-term care policy early in retirement, you can ensure that you have coverage in place should the need for long-term care arise.

While many people focus on saving in their retirement accounts, it’s essential to consider a wide range of assets to ensure financial security in retirement. Real estate, health savings accounts, annuities, and long-term care insurance are all valuable assets to consider for retirement planning. By incorporating these assets into your retirement portfolio, you can help safeguard your financial future and enjoy peace of mind in your golden years.

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6 Comments

  1. @wisulliv

    If you will please put time stamps where the topic in the title are discussed.

  2. @DWilliam1

    It’s a shame that so few jobs have pensions anymore because they really do set you up for early financial freedom.

  3. @willia451

    The #1 thing before you retire is to have a paid off house and to be debt free. For almost everybody, if you don't have that your retirement will fail and its back to work you go. Seen it happen many times.

  4. @WilliamJerry-cb1yi

    My thoughts of retirement have been on the rise lately, and I'm not sure if my 401(k) and IRA will provide me with a stable future. In addition, I have $600,000 in stock market investments that have fluctuated without yielding significant gains.

  5. @PippyKatStamper

    I'd like to hear your thoughts on retirement/finances for those of us in the six percentile of the population; i.e. aging alone, no living relatives, no friends, highly functional, still working (or not), and extremely independent. Are there major differences in the financial and/or retirement analysis that we should or should not consider? BTW – your videos are very down to earth, educational and actually fun to watch. Thank You!

  6. @VicarOfMayhem

    OMG! You're so fcuking wrong! Vegetables were not meant to be eaten! From their lousy flavor to their intensive amount of work to produce them! Everyone wants to eat "healthy" but few can actually define it. Consumption of creamy sauces will not be killing you; even if it did, not enjoying your food is worse than living an existence of denying yourself deliciousness. Maintaining a caloric intake that matches your output (or deficit for losing weight) is far more important than what you eat and always has been!

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