When You Imagine Your Retirement, What Do You See?
We have good reason to see retirement in a positive light. After all, Americans are living longer, healthier lives than ever before. For some of us, retirement will make up a full third of our lives. This means that our retirement assets will have to do more for us over a longer period of time. So, what can you do?

First, don't pay taxes on growth you're NOT using for current consumption. Current consumption refers to CDs and other investments, which you use to maintain your lifestyle, or for an emergency. On the other hand, if you have CDs or other investments you want to use to supplement your income, or for occasional purchases, and then pass on to others what you don't use, then those CDs and investments can be a very poor choice. Transferring those assets to an annuity gives you the advantage of tax deferral.

Second, consider when you will take Social Security. If you retire early, your Social Security benefit will be less. As an example, if your full retirement age is 67, you'll receive about 30 percent less if you retire at age 62. This reduction is permanent. So, if you can wait till your full retirement age, it is worth it.

Lastly, long-term care is the one event that can disrupt your retirement and could cause you to lose your assets. Long-term care insurance is not for everyone. However, for the majority of us, the fact is, longterm care insurance should not be viewed as an option, but as a necessity - much like the liability coverage for your car.

Planning for your retirement and for the possibility of long-term care can provide you with the "peace of mind" that comes with knowing that your future is in your control. Make 2008, the year when you sit down and review your plans for your families and your retirement.

This article provided by Michael G. Constantinou, Certified Senior Advisor, MICON Financial Services. For more information you can contact Michael G. Constantinou at 508-793-0780. Or email: miconfs@miconfs.com