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The study also asked boomers to share their most burning questions about retirement planning.
Heres a look at the top questions, plus,how a certified financial planner would answer them.
How Much Money Will I Need To Retire Comfortably?
Is It Possible I Could Outlive My Savings?
Another common concern is outliving retirement savings, with 31% of boomers posing this burning question.
It is possible, but you could help mitigate that risk with careful retirement planning, Wise said.
Sketch out your annual expenses, then spin up the numbers to set arealistic savings target.
Wise said you might want to use the 4% rule as a general guideline.
After that, youll continue withdrawing that amount and a little extra to account for inflation.
How Can I Plan For Potential Long-Term Care Needs?
With this option, qualified long-term care expenses are initially reimbursed by first accessing the policys death benefit.
Its also a permanent product, so it can grow in cash value.
You might also opt for long-term care insurance that is specifically designed to cover potential long-term care expenses.
This solution may offer themost long-term care coveragefor the lowest premium, Wise said.
How Will Taxes Impact Me in Retirement?
Over one-quarter of boomers (28%) are concerned about the effect of taxes on their retirement income.
Regardless,effective tax planningis crucial to maximizing post-tax income and the value of your retirement savings.
A smart retirement plan includes a plan for minimizing taxes.
What If Inflation Rises When Im Retired?
Another major concern is inflation, with 26% of boomers citing this as atop burning question.
Inflation is an important concern to consider in retirement and when implementing a comprehensive financial plan, Wise said.
The best way to combat inflation is through diversification.
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