The Society of Actuaries has posted a retirement planning guide aimed at retirees who are starting to think more about assisted living than where to build a fishing lodge.
Retirement specialists from Financial Finesse, a financial wellness firm, developed the "Late-in-Life Decisions Guide." It includes sections on health care; housing and transportation; managing finances; and creating a support network.
In the retirement income section, for example, the guide authors note that sources of defined income could include Social Security, pension benefits, rental income, reverse mortgage proceeds, annuity income and "viatical settlements," which are often lumped in with life settlements, or a wide range of life insurance policy sales.
"Some defined income sources… provide lifetime guaranteed income, whereas lump-sum assets can be depleted if spent too quickly," according to the guide.
