The Society of Actuaries, in partnership with Financial Finesse, a financial wellness firm, published the “Late-in-Life Decisions Guide” to help aging individuals navigate life’s changes and to make it easier to put in place the kinds of supportive services they may find most helpful.
The Guide includes sections on health care, housing and transportation, managing finances and creating a support network.
In the retirement income section on p. 19, 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.
On the same page is a “planning tip” that states: “Use defined income for necessary expenses like food and shelter, and income from assets for lifestyle expenses, like travel and recreation. If you do not have enough defined income to cover necessary expenses, consider using assets to purchase an income annuity or converting home equity into a reverse mortgage.” Download a copy of the Guide.