Here are just a few of the articles that caught my eye this week.

Research Finds Retirement Planning Calculators Lacking

Recent research indicates that current income replacement ratio-based calculators fail to suggest sufficient income for retirees to afford quality health care and maintain their planned standard of living in retirement.

I agree that post-retirement health costs are likely understated by calculators and investors alike. Additionally, I find that investors frequently underestimate both the financial and psychological  challenges of long-term care needs.

While saving more before retirement is essential, deploying your assets more effectively to create more income is equally as important. Shifting the potential of leaving a legacy for your kids to creating spendable retirement income for yourself may be necessary.

If you’re wondering how long you’ll live, try this

Since you don’t know how long you’re going to live, it’s a good idea to develop reliable sources of retirement income that will last for the rest of your life, no matter how long you live.

Buying life insurance to cover your mortgage or future college costs for your kids made sense when you were in your 30s. You gave up some current spendable income to gain some peace of mind.

Purchasing lifetime income through an income annuity is just the reverse. You’re gaining some assurance that your income will last forever while increasing current income.  To achieve this peace of mind, you’re giving a portion of your savings that would typically go to your kids.

You protected them in your 30s. Now you’re protecting yourself in your 60s.

Retirement Clients Are Advisors’ Bread and Butter

No client, retired or otherwise, wants to be considered an advisor’s meal, particularly when that advisor doesn’t bring the full breadth of tools and guidance to the table.

Retirement planning cannot be solved by investment advice alone. Social Security, medical costs, long-term care, tax planning, and income annuities all must be a part of the equation too.