​Starting college is supposed to be a milestone moment, not just for the student, but also the
parents. You pack up the car and make the drive to your child’s dorm. You may set up furniture,
meet their roommate and even take a tour of campus. Eventually, the move-in process ends,
and it’s time to leave your child on their own, ready to start the next chapter.

​The coronavirus pandemic has touched nearly every aspect of our lives. Perhaps nothing has been impacted as much as the way we work. While millions of Americans have lost their jobs during the pandemic, those who remain employed have seen their work change drastically.
 
In many professions, work-from-home has become the norm; not the exception. Some people have seen their work paused during this time. Others are on a mini sabbatical until their work gets back to normal. And for those who have lost their job, this may be a frightening time as they try to navigate an uncertain job market.
 
In many ways, this time could be seen as a small trial run for retirement. Your schedule isn’t clearly defined. You may be spending much of your time at home. Your work responsibilities may be limited or cut significantly. There are lessons you can take from this time and apply to your retirement. Below are a few of the biggest takeaways:

The United States set a somber record on Thursday, July 16, 2020, with more than 75,000 new COVID-19 cases. In fact, the U.S. set new single-day COVID-19 records 11 times between June 17 and July 16. Dr. Anthony Fauci predicts the country will soon top over 100,000 new cases each day.1
 
COVID-related deaths are also increasing in some states. Florida set its single day record for COVID deaths on July 16, with 156. Nine other states also set single-day death records the same week.1
 
The resurgence in coronavirus cases has led some states to enact new measures. More than half of all states now have some kind of mask mandate. California has even rolled back its reopening, closing bars, indoor dining, gyms, and more.2
 
What does this mean for the economic recovery? And what does it mean for your financial future? It’s impossible to predict what will happen in the short-term, but knowing where things stand today may help you make important decisions with your strategy.

What’s your biggest retirement fear? If it’s running out of income in retirement, you’re not alone. According to a recent study from Transamerica, the number one fear for Baby Boomers is outliving their assets and running out of income.1 Boomers aren’t alone. Generation X is also projected to be far behind on their retirement savings, with an average balance of only $64,000.2
 
These numbers may explain why 52% of workers expect to work beyond age 65. Among Boomers, that figure jumps to 68% who expect to or are already working past age 65.3
 
Continuing your career into your late 60s or even early 70s is one way to accumulate more savings and protect your retirement income. However, it’s not the only option. Depending on your goals and needs, you may just need slightly more income to reach your objectives.
 
Below are four creative ways to stabilize your income in retirement:

Do you have an old permanent life insurance policy that has accumulated cash value? Having an unused life insurance policy isn’t a bad thing. It’s certainly better than the alternative.
 
However, your needs today may not be the same as they were when you purchased the policy. You may have purchased your life insurance when you were younger. Perhaps you had young children in the home or a spouse who relied on you for financial support. Maybe you were still in the early stages of your career and saving for the future.
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​It’s easy to tell when Medicare open enrollment season has arrived. If you’re near age 65 or older, you may receive telemarketing calls from Medicare sales agents. Or perhaps you start seeing Medicare sales booths pop up in retail stores or shopping malls. In fact, it’s common these days to see Medicare sales professionals in grocery stores.
 
There are no shortage of individuals who want to sell you Medicare coverage, especially during open enrollment season. However, just because there are plenty of opportunities to purchase coverage doesn’t mean you should use just anyone for your coverage.
 
Medicare is one of the most important financial decisions you’ll make in your retirement. Fidelity estimates that a 65-year-old retiring in 2019 will pay $285,000 out-of-pocket in retirement. That figure includes costs for premiums, deductibles, copays, and services not covered by Medicare.1
 
Clearly, your Medicare policy will influence the amount you spend on premiums, deductibles, and more. In 2020, there are more than 3,000 Medicare Advantage plans available.2 Choosing the right plan for your needs and budget can not only help you get the care you need in retirement but protect your assets.
 
How do you find the policy that’s right for you? One good step is to talk with an experienced professional before you make any decisions. Below are a few specific ways a qualified financial professional can help you find the right policy and make wise decisions.

​Did you know Medicare has potential penalties? It’s true. It’s possible that you could pay penalties on your Medicare premiums when you file. Fortunately, though, you can avoid these penalties if you file for coverage by the right deadlines.
 
Generally, you’re eligible for Medicare at age 65. However, there are certain windows in which you must apply. For example, you can initially apply for Medicare parts A and B during a 7-month period that starts three months before your 65th birthday and ends three months after. You can also file for coverage during the General Enrollment Period that occurs during the first three months of every year.1
 
If you don’t file for coverage during those periods, you may face a penalty. The penalties vary based on the specific part of Medicare:

What’s your strategy for retirement? Is it based on your unique needs and goals? Or is it based on general ideas and conventional retirement wisdom?
 
There are plenty of “experts” online offering retirement wisdom for the masses. In fact, if you search “retirement” on Google, you’ll find more than 880 million results with retirement tips and strategies.
The problem with retirement advice for the masses is that it’s not customized to your unique goals. There are plenty of pieces of conventional retirement wisdom that aren’t right for every person or situation. Below are two examples of common retirement income rules and tips that may not be right for you:
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You should plan on taking 4% withdrawals from your savings to fund your retirement.
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