Do You Dare To Make A Graph Of Your Retirement Finances?
You know you are old if you have ever heard the term “scientific calculator,” and older still if you can calculate in your head the number of years since your school sent a letter to your family listing the school supplies you must buy for that year, and a scientific calculator was on the list. The contraptions were just bigger than today’s smartphones, but they could provide only a tiny fraction of the entertainment and work support you get from a smartphone; most of the intelligence had to take place in your mind. It was sometime in middle school, sometime in the 20th century, that you carted your scientific calculator to pre-algebra class, and you learned that problems with two variables could be represented in the form of a graph; graph paper was on the list of school supplies, although it cost less than the scientific calculator. If you have ever owned a graphic calculator, not only are you old, but you probably also chose a college major that would today be called STEM. If there is any consolation, it is that young people are starting to appreciate the things we lose when we outsource our thinking to machines. To create fun family memories, try impressing your grandchildren by drawing a graph of the solutions to an equation. For a reality check, draw a graph of your spending habits over the course of your retirement. It is best to attempt this with the help of an Orlando estate planning lawyer.
Long-Term Care Insurance Is Your Best Defense Against the Retirement Smile
The retirement smile graph is not the kind of graph that represents the solution to an equation with two variables. Instead, it is a graph that shows amounts over time; one of the axes of the graph is the years of your retirement, and the other is your annual expenses. You can help your grandkids get a good score on the ACT by showing them how to draw and interpret this kind of graph, too.
Financial planners have long represented their clients’ anticipated finances with the retirement smile graph. You spend more at the beginning and end of your retirement than you do in the middle, resulting in a graph shaped like a smile. The extra expenses at the beginning are for sowing your retired oats, but the ones at the end are healthcare expenses, which are far less fun. You can avoid this fate by buying long-term care insurance. This way, you still get to splurge at the beginning to celebrate your retirement, but when your healthcare needs increase as you get older, your long-term care insurance will cover it. The resulting graph will look more like a smirk, a mouth with only one corner upturned.
Contact Gierach and Gierach About Graphing Your Retirement Expenses
An estate planning lawyer can help you unleash your inner math nerd as you plan for retirement. Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.
Source:
msn.com/en-us/money/personalfinance/a-new-theory-called-the-retirement-smirk-means-you-can-probably-spend-your-money-faster-than-you-planned-here-s-why/ar-AA28aKqP?ocid=msedgntp&pc=ACTS&cvid=874ff95901d041beb9e39d9da5c77792&ei=24
